https://www.taxtmi.com/caselaws?id=258656 The Tribunal allowed the assessee's appeal regarding the disallowance of financial charges under section 40(a)(ia) as the expenditure was fully paid within the relevant year. The disallowance of unverifiable purchases of the Chennai branch was sent back to the A.O. for reevaluation, as the Tribunal found the initial disallowance unsustainable without rejecting the books of account. The adhoc disallowance of expenditure on salaries, wages, and bonus was deemed unsustainable, and the A.O. was directed to delete it. The issue of non-disclosure of opening stock was remitted to the A.O. for proper verification. The Tribunal provided detailed directions for further consideration, resulting in the assessee's appeal being allowed and the Revenue's appeal being partly allowed for statistical purposes. en-us Fri, 13 Mar 2015 00:00:00 +0530 Fri, 17 Apr 2015 09:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258656 The Tribunal allowed the assessee's appeal regarding the disallowance of financial charges under section 40(a)(ia) as the expenditure was fully paid within the relevant year. The disallowance of unverifiable purchases of the Chennai branch was sent back to the A.O. for reevaluation, as the Tribunal found the initial disallowance unsustainable without rejecting the books of account. The adhoc disallowance of expenditure on salaries, wages, and bonus was deemed unsustainable, and the A.O. was directed to delete it. The issue of non-disclosure of opening stock was remitted to the A.O. for proper verification. The Tribunal provided detailed directions for further consideration, resulting in the assessee's appeal being allowed and the Revenue's appeal being partly allowed for statistical purposes. Case-Laws Income Tax Fri, 13 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258656