Income Tax Deductions: Industrial Profits, Export Gains, and Expenditure Allowances Examined in Recent Ruling.

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....This case deals with various issues related to deductions and allowances under the Income Tax Act. The key points are: Deduction u/s 80IB for profits from an industrial unit was allowed based on separate profit and loss account filed. Deduction u/s 80HHC for export profits was allowed, as the retrospective amendment disallowing deduction for DEPB license sale was struck down. Disallowance of commission paid was set aside for lack of evidence. Expenditure on repairs and replacements of plant and machinery was held allowable as revenue expenditure u/s 31. Service charges paid to a group company were held allowable. Community development expenses were treated as business expenditure. Entrance fees paid to clubs for employee welfare were held a.........