https://www.taxtmi.com/caselaws?id=216872 The appellant's arguments regarding the transfer of the case under Section 124 versus Section 127 of the IT Act were dismissed. The disallowance of expenses for lease money on vehicles was partially upheld, with a direction to recompute based on year-end amounts. Disallowances for telephone and vehicle expenses were restricted to 1/10th of the actual expenses. The addition on long-term capital gains was confirmed, and the penalty initiation for interest on income tax refund was not addressed specifically. The appeals were allowed in part for statistical purposes, with instructions for the Assessing Officer to rectify calculation errors. en-us Mon, 02 Jul 2012 00:00:00 +0530 Mon, 24 Sep 2012 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216872 The appellant's arguments regarding the transfer of the case under Section 124 versus Section 127 of the IT Act were dismissed. The disallowance of expenses for lease money on vehicles was partially upheld, with a direction to recompute based on year-end amounts. Disallowances for telephone and vehicle expenses were restricted to 1/10th of the actual expenses. The addition on long-term capital gains was confirmed, and the penalty initiation for interest on income tax refund was not addressed specifically. The appeals were allowed in part for statistical purposes, with instructions for the Assessing Officer to rectify calculation errors. Case-Laws Income Tax Mon, 02 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216872