https://www.taxtmi.com/caselaws?id=216954 The ITAT upheld the CIT(A)'s decisions on all issues. The disallowance of professional charges paid to M/s Dayal Securities was deleted, as the payment was deemed to fulfill a contract despite the absence of a formal agreement. The addition of income due to advances given without interest was rejected, as the appellant was not obligated to earn income. The payment for delay in filing statutory returns was considered compensatory, leading to the deletion of the addition. The appeal was dismissed, emphasizing the importance of evaluating circumstances and evidence in tax assessments. en-us Fri, 27 Jul 2012 00:00:00 +0530 Tue, 11 Sep 2012 16:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216954 The ITAT upheld the CIT(A)'s decisions on all issues. The disallowance of professional charges paid to M/s Dayal Securities was deleted, as the payment was deemed to fulfill a contract despite the absence of a formal agreement. The addition of income due to advances given without interest was rejected, as the appellant was not obligated to earn income. The payment for delay in filing statutory returns was considered compensatory, leading to the deletion of the addition. The appeal was dismissed, emphasizing the importance of evaluating circumstances and evidence in tax assessments. Case-Laws Income Tax Fri, 27 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216954