https://www.taxtmi.com/caselaws?id=65905 The Tribunal ruled in favor of the assessee in an income tax appeal for the assessment year 1978-79. Regarding the determination of income from business, the Tribunal found that the additions made by the authorities were unwarranted as the assessee's trading results were comparable to a referenced case. Additionally, concerning the disallowance of interest under section 40A(2) of the IT Act, 1961, the Tribunal deemed the higher interest rate paid to relatives reasonable due to the historical nature of the loans, and therefore, allowed the appeal, deleting the addition. en-us Sat, 16 May 1981 00:00:00 +0530 Sat, 19 Feb 2011 12:08:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65905 The Tribunal ruled in favor of the assessee in an income tax appeal for the assessment year 1978-79. Regarding the determination of income from business, the Tribunal found that the additions made by the authorities were unwarranted as the assessee's trading results were comparable to a referenced case. Additionally, concerning the disallowance of interest under section 40A(2) of the IT Act, 1961, the Tribunal deemed the higher interest rate paid to relatives reasonable due to the historical nature of the loans, and therefore, allowed the appeal, deleting the addition. Case-Laws Income Tax Sat, 16 May 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65905