https://www.taxtmi.com/caselaws?id=235198 The Tribunal upheld the CIT(A)'s decisions on all issues, dismissing the revenue's appeals. The disallowance under Section 40(a)(ia) was deleted due to material supply nature of payments. Disallowance of interest on borrowed funds for interest-free loans was rejected based on business purpose. Disallowance of foreign travel expenses was overturned as expenses were deemed reasonable for business purposes. Disallowance under Section 80IA was deleted due to reconciled turnover differences. The order was pronounced on 3.5.2013. en-us Fri, 03 May 2013 00:00:00 +0530 Mon, 15 Jul 2013 09:29:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235198 The Tribunal upheld the CIT(A)'s decisions on all issues, dismissing the revenue's appeals. The disallowance under Section 40(a)(ia) was deleted due to material supply nature of payments. Disallowance of interest on borrowed funds for interest-free loans was rejected based on business purpose. Disallowance of foreign travel expenses was overturned as expenses were deemed reasonable for business purposes. Disallowance under Section 80IA was deleted due to reconciled turnover differences. The order was pronounced on 3.5.2013. Case-Laws Income Tax Fri, 03 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235198