https://www.taxtmi.com/caselaws?id=263504 The Tribunal upheld the disallowance of interest expenses, limiting it to Rs. 4,91,054 due to partners' debit balances. The Tribunal also reversed the rejection of books of accounts under section 145(3), allowing a partial addition of Rs. 1,00,000 instead of the AO's Rs. 3,00,000. The decision highlighted the significance of accurate record-keeping and proper consideration of partners' capital accounts in interest computations. en-us Tue, 11 Aug 2015 00:00:00 +0530 Fri, 04 Sep 2015 07:49:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263504 The Tribunal upheld the disallowance of interest expenses, limiting it to Rs. 4,91,054 due to partners' debit balances. The Tribunal also reversed the rejection of books of accounts under section 145(3), allowing a partial addition of Rs. 1,00,000 instead of the AO's Rs. 3,00,000. The decision highlighted the significance of accurate record-keeping and proper consideration of partners' capital accounts in interest computations. Case-Laws Income Tax Tue, 11 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263504