https://www.taxtmi.com/caselaws?id=174329 Where a composite running account with a sister concern showed both an outstanding liability and a corresponding receivable, the revenue could not rely on one side of the account while ignoring the other, and the net balance supported the assessee; the addition was therefore not sustainable. Disallowance for exempt income expenditure required examination of the assessee's accounts and the Assessing Officer's objective dissatisfaction with the claim, so the issue was remitted for fresh consideration. en-us Fri, 30 Mar 2012 00:00:00 +0530 Tue, 06 Oct 2015 14:17:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174329 Where a composite running account with a sister concern showed both an outstanding liability and a corresponding receivable, the revenue could not rely on one side of the account while ignoring the other, and the net balance supported the assessee; the addition was therefore not sustainable. Disallowance for exempt income expenditure required examination of the assessee's accounts and the Assessing Officer's objective dissatisfaction with the claim, so the issue was remitted for fresh consideration. Case-Laws Income Tax Fri, 30 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174329