https://www.taxtmi.com/caselaws?id=117762 Section 40A(2) disallowance of payments to sister concerns failed because there was no clear finding that professional charges and brokerage exceeded fair market value; the deletion was sustained. Interest paid to clients on Government securities remained deductible, as irregular or unauthorised use of funds did not by itself negate business deductibility. Claims for losses against income from Government securities were remitted for fresh adjudication on a speaking order. Business promotion expenses were disallowed for lack of supporting evidence. Repairs and maintenance disallowance was partly deleted because the prospective Explanation to section 30 did not apply to the assessment year in question, except for telephone equipment and air-conditioners. en-us Tue, 28 Dec 2004 00:00:00 +0530 Tue, 21 May 2024 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117762 Section 40A(2) disallowance of payments to sister concerns failed because there was no clear finding that professional charges and brokerage exceeded fair market value; the deletion was sustained. Interest paid to clients on Government securities remained deductible, as irregular or unauthorised use of funds did not by itself negate business deductibility. Claims for losses against income from Government securities were remitted for fresh adjudication on a speaking order. Business promotion expenses were disallowed for lack of supporting evidence. Repairs and maintenance disallowance was partly deleted because the prospective Explanation to section 30 did not apply to the assessment year in question, except for telephone equipment and air-conditioners. Case-Laws Income Tax Tue, 28 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117762