https://www.taxtmi.com/caselaws?id=219234 The Tribunal upheld the CIT(A)'s decision to delete disallowances under Section 40A(2)(b) of the IT Act for interest-free advances made to specified persons. The Tribunal found the payments reasonable and beneficial for the assessee's business, noting the lack of substantial evidence supporting the Assessing Officer's calculations. Additionally, the Tribunal directed the Assessing Officer to re-evaluate the adjustment of Excise Duty on closing stock under Section 145A of the IT Act for the relevant assessment year, in accordance with the law. en-us Fri, 25 May 2012 00:00:00 +0530 Sun, 09 Dec 2012 16:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219234 The Tribunal upheld the CIT(A)'s decision to delete disallowances under Section 40A(2)(b) of the IT Act for interest-free advances made to specified persons. The Tribunal found the payments reasonable and beneficial for the assessee's business, noting the lack of substantial evidence supporting the Assessing Officer's calculations. Additionally, the Tribunal directed the Assessing Officer to re-evaluate the adjustment of Excise Duty on closing stock under Section 145A of the IT Act for the relevant assessment year, in accordance with the law. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219234