https://www.taxtmi.com/caselaws?id=213646 The Tribunal upheld the Assessing Officer's disallowance of expenses at 10% of general expenses in the Primary Dealer division, rejected the argument for considering only direct expenses under section 14A. The levy of interest under section 234C was upheld due to lower advance tax payments. The reassessment proceedings under section 147 were deemed valid as the AO had relevant material. The set off of speculation loss against current year profits was allowed. The claim of bad debts was upheld following the TRF Ltd. judgment. Appeals by the Department for certain assessment years were allowed or partly allowed, while the assessee's appeals had mixed outcomes. en-us Fri, 14 Oct 2011 00:00:00 +0530 Wed, 30 May 2012 22:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213646 The Tribunal upheld the Assessing Officer's disallowance of expenses at 10% of general expenses in the Primary Dealer division, rejected the argument for considering only direct expenses under section 14A. The levy of interest under section 234C was upheld due to lower advance tax payments. The reassessment proceedings under section 147 were deemed valid as the AO had relevant material. The set off of speculation loss against current year profits was allowed. The claim of bad debts was upheld following the TRF Ltd. judgment. Appeals by the Department for certain assessment years were allowed or partly allowed, while the assessee's appeals had mixed outcomes. Case-Laws Income Tax Fri, 14 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213646