https://www.taxtmi.com/caselaws?id=243099 The Tribunal partially allowed the appeal in ITA No.76/Coch/2013 and allowed the appeal in ITA No.77/Coch/2013 for statistical purposes. The disallowance of payment of commission/brokerage and certain expenditures was upheld due to non-compliance with tax deduction requirements. However, the addition under 'capital gain' was remitted for reevaluation, emphasizing the importance of adhering to statutory definitions. The issue of disallowance of interest and penalty imposed was deferred pending verification of the genuineness of payments, highlighting the compensatory nature of penal interest. Penalty decision was postponed until the quantum assessment was finalized. en-us Wed, 31 Jul 2013 00:00:00 +0530 Sat, 25 Jan 2014 18:19:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243099 The Tribunal partially allowed the appeal in ITA No.76/Coch/2013 and allowed the appeal in ITA No.77/Coch/2013 for statistical purposes. The disallowance of payment of commission/brokerage and certain expenditures was upheld due to non-compliance with tax deduction requirements. However, the addition under 'capital gain' was remitted for reevaluation, emphasizing the importance of adhering to statutory definitions. The issue of disallowance of interest and penalty imposed was deferred pending verification of the genuineness of payments, highlighting the compensatory nature of penal interest. Penalty decision was postponed until the quantum assessment was finalized. Case-Laws Income Tax Wed, 31 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243099