9911796707
TMI BlogTribunal adjudicated on ad hoc disallowances of expenses debited to P&L, interest paid to banks, salary...Tribunal adjudicated on ad hoc disallowances of expenses debited to P&L, interest paid to banks, salary from Ozone Pharmaceuticals Ltd., deduction u/s 80IB/80IC, and disallowance of selling/distribution expenses. Disallowances were deleted as unsustainable without adverse material. Interest disallowance deleted as borrowed funds utilized for working capital. Salary disallowance deleted as no salary received. Deduction u/s 80IC allowed as conditions satisfied. Selling/distribution expenses disallowance restricted to 10% instead of 25%. Tribunal decided in favor of assessee against revenue on various grounds. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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