https://www.taxtmi.com/caselaws?id=261511 Cash credits routed through fixed deposit accounts were not assessable under section 68 where the source was explained through linked transfers and the assessee established identity, genuineness and creditworthiness. Reimbursement of clearing house and service tax charges was not disallowable under section 40(a)(ia) because tax had already been deducted at source on the underlying payment. Repairs and renovation of rented premises were treated as revenue expenditure, as no new enduring asset was created. Payments of petrol, telephone and consultancy to a related person were not hit by section 40A(2)(b) absent proof of excessiveness. Interest on non-performing assets already credited in the books could not be added again, and the RBI KYC penalty was allowed as business expenditure. en-us Fri, 03 Jul 2015 00:00:00 +0530 Wed, 15 Jul 2015 06:54:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261511 Cash credits routed through fixed deposit accounts were not assessable under section 68 where the source was explained through linked transfers and the assessee established identity, genuineness and creditworthiness. Reimbursement of clearing house and service tax charges was not disallowable under section 40(a)(ia) because tax had already been deducted at source on the underlying payment. Repairs and renovation of rented premises were treated as revenue expenditure, as no new enduring asset was created. Payments of petrol, telephone and consultancy to a related person were not hit by section 40A(2)(b) absent proof of excessiveness. Interest on non-performing assets already credited in the books could not be added again, and the RBI KYC penalty was allowed as business expenditure. Case-Laws Income Tax Fri, 03 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261511