https://www.taxtmi.com/caselaws?id=240139 The Tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete various disallowances and additions made by the Assessing Officer (AO). The Tribunal found that the interest expenditure, disallowed under Section 142(2A), was allowable as it was incurred for business purposes. Additionally, the disallowance under Section 14A of the Act was deleted as there was a direct nexus between trading activities and the expenditure incurred. The Tribunal also upheld the deletion of excess brokerage and prior period expenses disallowances, along with the addition of interest accrued but not due. The Tribunal dismissed the department's appeal, affirming the CIT(A)'s orders on all issues. en-us Wed, 06 Mar 2013 00:00:00 +0530 Wed, 27 Nov 2013 00:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240139 The Tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete various disallowances and additions made by the Assessing Officer (AO). The Tribunal found that the interest expenditure, disallowed under Section 142(2A), was allowable as it was incurred for business purposes. Additionally, the disallowance under Section 14A of the Act was deleted as there was a direct nexus between trading activities and the expenditure incurred. The Tribunal also upheld the deletion of excess brokerage and prior period expenses disallowances, along with the addition of interest accrued but not due. The Tribunal dismissed the department's appeal, affirming the CIT(A)'s orders on all issues. Case-Laws Income Tax Wed, 06 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240139