https://www.taxtmi.com/caselaws?id=117143 The ITAT ruled in favor of the assessee on the disallowance of interest paid during the year, citing lack of nexus between borrowed funds and related party transactions. However, the disallowance of proportionate premium on debentures was upheld based on a Supreme Court decision. The ITAT allowed the appeal on disallowance of telephone expenses, directing deletion of the disallowed amount. Regarding the reduction of claims under sections 80-I and 80HHC, the ITAT directed the Assessing Officer to reconsider adjustments based on specific criteria, resulting in partial success for the assessee. en-us Tue, 14 Jan 2003 00:00:00 +0530 Wed, 20 Jun 2012 16:06:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117143 The ITAT ruled in favor of the assessee on the disallowance of interest paid during the year, citing lack of nexus between borrowed funds and related party transactions. However, the disallowance of proportionate premium on debentures was upheld based on a Supreme Court decision. The ITAT allowed the appeal on disallowance of telephone expenses, directing deletion of the disallowed amount. Regarding the reduction of claims under sections 80-I and 80HHC, the ITAT directed the Assessing Officer to reconsider adjustments based on specific criteria, resulting in partial success for the assessee. Case-Laws Income Tax Tue, 14 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117143