Kirloskar Electrodyne Ltd. vs Deputy Commissioner Of Income Tax
Whether income from erection, installation, and after-sales service activities and interest income qualify for deduction under section 80-I as profits 'derived from' an industrial undertaking --- Held No (by majority). Whether disallowance under section 37(2A) for expenses on employees accompanying guests should be reconsidered --- Held Yes, with directions to allow 20% for employee participation. Whether the issue of certain additions (grounds 5(a) and 5(b)) requires re-examination --- Held Yes, remanded to AO.
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