https://www.taxtmi.com/caselaws?id=215545 The Tribunal allowed the assessee's appeal regarding the addition under Section 41(1) of the Income Tax Act, directing the deletion of the amount added as income. The Tribunal also upheld the allowance of expenses related to debit balance written off and guarantee commission paid to directors. However, the disallowance of share issue expenses under Section 35D was upheld. The issue of disallowance under Section 14A was remanded back to the AO for reconsideration based on a previous court decision. The outcome resulted in varied decisions on different issues raised by both the assessee and the revenue. en-us Wed, 30 May 2012 00:00:00 +0530 Wed, 05 Aug 2020 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215545 The Tribunal allowed the assessee's appeal regarding the addition under Section 41(1) of the Income Tax Act, directing the deletion of the amount added as income. The Tribunal also upheld the allowance of expenses related to debit balance written off and guarantee commission paid to directors. However, the disallowance of share issue expenses under Section 35D was upheld. The issue of disallowance under Section 14A was remanded back to the AO for reconsideration based on a previous court decision. The outcome resulted in varied decisions on different issues raised by both the assessee and the revenue. Case-Laws Income Tax Wed, 30 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215545