https://www.taxtmi.com/caselaws?id=220682 The Tribunal directed the AO to delete the disallowance of interest income as the interest claimed was solely for business purposes. However, the claim of educational expenses for the assessee's son was rejected as a personal expense. The addition on account of personal drawings was deleted by the Tribunal. The Tribunal set aside the additions made for non-receipt of confirmations from suppliers and discrepancies in AIR information, directing a re-examination. The penalty under Section 221(1) was canceled by the Tribunal, deeming it premature and harsh. The outcomes of the appeals varied, with some allowed and others dismissed or partly allowed. en-us Fri, 05 Oct 2012 00:00:00 +0530 Fri, 18 Jan 2013 15:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220682 The Tribunal directed the AO to delete the disallowance of interest income as the interest claimed was solely for business purposes. However, the claim of educational expenses for the assessee's son was rejected as a personal expense. The addition on account of personal drawings was deleted by the Tribunal. The Tribunal set aside the additions made for non-receipt of confirmations from suppliers and discrepancies in AIR information, directing a re-examination. The penalty under Section 221(1) was canceled by the Tribunal, deeming it premature and harsh. The outcomes of the appeals varied, with some allowed and others dismissed or partly allowed. Case-Laws Income Tax Fri, 05 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220682