https://www.taxtmi.com/caselaws?id=65689 The Appellate Tribunal ruled in favor of the assessee in a tax dispute involving the disallowance of interest and rent amounts. The Tribunal held that there was no established nexus between the borrowings and debit balances, leading to the deletion of the Rs. 6,000 disallowance under the interest account. Additionally, the disallowance of Rs. 3,000 under the "Gola Rent" head was overturned as there was no justification provided for the disallowance. The appeal was considered allowed in part, emphasizing the necessity of evidence and clear nexus in tax-related expense disallowances. en-us Thu, 12 Jan 1978 00:00:00 +0530 Fri, 18 Feb 2011 13:16:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65689 The Appellate Tribunal ruled in favor of the assessee in a tax dispute involving the disallowance of interest and rent amounts. The Tribunal held that there was no established nexus between the borrowings and debit balances, leading to the deletion of the Rs. 6,000 disallowance under the interest account. Additionally, the disallowance of Rs. 3,000 under the "Gola Rent" head was overturned as there was no justification provided for the disallowance. The appeal was considered allowed in part, emphasizing the necessity of evidence and clear nexus in tax-related expense disallowances. Case-Laws Income Tax Thu, 12 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65689