DCIT vs Philips Carbon Kolkata Black Ltd.

Whether disallowance of interest and expenses under Section 14A read with Rule 8D of the Income Tax Rules, 1962 is justified when the assessee has own funds exceeding investments? --- Held No. Whether disallowance of 25% of aircraft flying right charges is allowable as business expenditure? --- Held Yes. Whether retainer ship fees paid to M/s. Sreebala P Ltd. are allowable as business expenditure? --- Held Yes. Whether disallowance of 25% of guest house expenses is allowable as business expenditure? --- Held Yes. Whether licence fees paid to M/s. RPG Enterprises Ltd. are allowable as business expenditure? --- Held Yes. Whether unrealized loss on foreign exchange fluctuation is allowable as deduction? --- Held Yes.