https://www.taxtmi.com/caselaws?id=169863 The ITAT remanded the issue of disallowance of liabilities back to the AO for fresh consideration, emphasizing the need for proper verification of expenses incurred exclusively for business purposes. It directed the reduction of the ad-hoc disallowance of expenses under section 37(1) from 50% to 20% due to lack of evidence of irregularities. The ITAT dismissed the levy of interest under sections 234B and 234D as consequential, indicating resolution of primary concerns through its directions to the AO. The judgment aimed to ensure a fair assessment of the assessee's expenses with proper documentation and verification. en-us Fri, 21 Feb 2014 00:00:00 +0530 Tue, 22 Jul 2014 09:49:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169863 The ITAT remanded the issue of disallowance of liabilities back to the AO for fresh consideration, emphasizing the need for proper verification of expenses incurred exclusively for business purposes. It directed the reduction of the ad-hoc disallowance of expenses under section 37(1) from 50% to 20% due to lack of evidence of irregularities. The ITAT dismissed the levy of interest under sections 234B and 234D as consequential, indicating resolution of primary concerns through its directions to the AO. The judgment aimed to ensure a fair assessment of the assessee's expenses with proper documentation and verification. Case-Laws Income Tax Fri, 21 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169863