https://www.taxtmi.com/caselaws?id=64853 The Tribunal partially allowed the appeals, granting the assessee's claims for bad debts related to advances to Fairmark and Makan, recognizing these as part of the money-lending business. It directed the Assessing Officer to reconsider disallowed public issue expenses under section 35D and to provide any consequential relief regarding interest under section 234B. The Tribunal confirmed the disallowance of Rs. 27.89 lakhs for advances given for acquiring capital assets, as they were not incidental to the business. The reopening of assessment under section 147 was dismissed as not pressed. en-us Fri, 01 Jun 2007 00:00:00 +0530 Fri, 09 Feb 2024 17:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64853 The Tribunal partially allowed the appeals, granting the assessee's claims for bad debts related to advances to Fairmark and Makan, recognizing these as part of the money-lending business. It directed the Assessing Officer to reconsider disallowed public issue expenses under section 35D and to provide any consequential relief regarding interest under section 234B. The Tribunal confirmed the disallowance of Rs. 27.89 lakhs for advances given for acquiring capital assets, as they were not incidental to the business. The reopening of assessment under section 147 was dismissed as not pressed. Case-Laws Income Tax Fri, 01 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64853