Assessing Officer's disallowances overturned on sales promotion, insurance, interest expenses.

The Assessing Officer's disallowances were overturned, allowing the assessee's claims for sales promotion, insurance, and interest expenses. The sales promotion expenses were justified as they were booked on a gross basis and settled according to actual utilization, following a consistent accounting method. Insurance expenses were validated as they were paid to enhance the sum insured, with part of the premium already settled. The interest on delayed payments was deemed an allowable financial charge, categorized as revenue expenditure and not linked to acquiring a capital asset. .....

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