ITAT upheld in part and modified parts of the assessment. It...

ITAT upheld in part and modified parts of the assessment. It reduced the AO/CIT(A) disallowance of repair-and-maintenance expenses from 30% to 10% due to lack of vouchers and potential personal use, concluding a 10% disallowance to be reasonable. The Tribunal directed deletion of the addition characterized as interest on delayed service-tax payment for want of supporting material, while otherwise confirming related disallowances. The Tribunal sustained the disallowance of a claimed business-promotion gift (vehicle) but held that the vehicle, having been purchased in the assessee's name, attracts depreciation under the Act and directed allowance of depreciation at statutory rates. A claim for deduction of housing-loan interest was dismissed for non-claim and lack of evidence.