https://www.taxtmi.com/caselaws?id=234804 The Tribunal set aside the Revenue Authorities' orders and allowed the claim of the assessee for interest and salary to partners due to incorrect ex-parte assessment. The addition on account of an unsecured loan advanced by a partner was deleted as it was deemed a current capital account. Disallowance of depreciation allowance was dismissed. An adhoc addition out of various expenses was reduced by the Tribunal. The deletion of additions made on account of refund of commercial tax and unexplained cash credit was upheld. The Tribunal restricted the addition made on account of disallowance out of various expenses. The appeal of the assessee was partly allowed, and the Revenue's appeal was dismissed. en-us Fri, 21 Jun 2013 00:00:00 +0530 Fri, 28 Jun 2013 05:30:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234804 The Tribunal set aside the Revenue Authorities' orders and allowed the claim of the assessee for interest and salary to partners due to incorrect ex-parte assessment. The addition on account of an unsecured loan advanced by a partner was deleted as it was deemed a current capital account. Disallowance of depreciation allowance was dismissed. An adhoc addition out of various expenses was reduced by the Tribunal. The deletion of additions made on account of refund of commercial tax and unexplained cash credit was upheld. The Tribunal restricted the addition made on account of disallowance out of various expenses. The appeal of the assessee was partly allowed, and the Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 21 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234804