https://www.taxtmi.com/caselaws?id=61644 The Tribunal upheld the deletion of the disallowance of Rs. 49,68,000 related to interest payments on advances made to employees for purchasing shares. The disallowance under section 80-I of the IT Act amounting to Rs. 63,76,256 was also deleted. However, the disallowances of Rs. 1,80,000 for rent paid for the Employees Club and Rs. 14,416 for expenses on employees at the Club were sustained. The revenue's appeal was partly allowed, and the assessee's cross-objection was dismissed. en-us Thu, 22 Jul 2004 00:00:00 +0530 Thu, 13 Jan 2011 17:16:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61644 The Tribunal upheld the deletion of the disallowance of Rs. 49,68,000 related to interest payments on advances made to employees for purchasing shares. The disallowance under section 80-I of the IT Act amounting to Rs. 63,76,256 was also deleted. However, the disallowances of Rs. 1,80,000 for rent paid for the Employees Club and Rs. 14,416 for expenses on employees at the Club were sustained. The revenue's appeal was partly allowed, and the assessee's cross-objection was dismissed. Case-Laws Income Tax Thu, 22 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61644