Tribunal adjudicated on ad hoc disallowances of expenses debited ...

ITAT: Deleted expense disallowances, interest disallowance, salary disallowance. Allowed deduction u/s 80IC. Restricted selling/distribution expense disallowance.

Case Laws Income Tax

July 15, 2024

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.

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Tribunal adjudicated on ad hoc disallowances of expenses debited ...

ITAT: Deleted expense disallowances, interest disallowance, salary disallowance. Allowed deduction u/s 80IC. Restricted selling/distribution expense disallowance.

Case Laws Income Tax

July 15, 2024

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