https://www.taxtmi.com/caselaws?id=216887 The ITAT partially allowed the appeal by reducing the disallowance of remuneration paid to the Director under section 40A(2)(b) of the Act from Rs. 3.60 lacs to Rs. 2 lacs, citing excessive payment. It confirmed the disallowance of non-business expenses on electricity, telephone, and salary. The appeal on disallowance of traveling and entertainment expenses was rejected due to lack of business purpose proof. The ITAT directed the CIT(A) to adjudicate on the set off of brought forward business losses and security transaction tax, which was left unaddressed. en-us Tue, 31 Jul 2012 00:00:00 +0530 Mon, 17 Sep 2012 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216887 The ITAT partially allowed the appeal by reducing the disallowance of remuneration paid to the Director under section 40A(2)(b) of the Act from Rs. 3.60 lacs to Rs. 2 lacs, citing excessive payment. It confirmed the disallowance of non-business expenses on electricity, telephone, and salary. The appeal on disallowance of traveling and entertainment expenses was rejected due to lack of business purpose proof. The ITAT directed the CIT(A) to adjudicate on the set off of brought forward business losses and security transaction tax, which was left unaddressed. Case-Laws Income Tax Tue, 31 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216887