https://www.taxtmi.com/caselaws?id=266323 The Tribunal upheld the decisions of the Ld.CIT(A) in cross-appeals for the Assessment Year 2007-08. It dismissed the Revenue's appeals on disallowance under section 40A(3) of the Income Tax Act as the assessee had not claimed the expenditure during the year. The Tribunal also rejected the Revenue's appeal on the deduction of purchase cost, finding the AO's reasoning unjustified. Additionally, the Tribunal ruled that notional interest cannot be charged, deleting the AO's addition of such interest and penalty. Overall, the Tribunal sided with the assessee on all grounds, dismissing Revenue's appeals and allowing the assessee's appeal. en-us Mon, 01 Jun 2015 00:00:00 +0530 Mon, 19 Oct 2015 20:34:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266323 The Tribunal upheld the decisions of the Ld.CIT(A) in cross-appeals for the Assessment Year 2007-08. It dismissed the Revenue's appeals on disallowance under section 40A(3) of the Income Tax Act as the assessee had not claimed the expenditure during the year. The Tribunal also rejected the Revenue's appeal on the deduction of purchase cost, finding the AO's reasoning unjustified. Additionally, the Tribunal ruled that notional interest cannot be charged, deleting the AO's addition of such interest and penalty. Overall, the Tribunal sided with the assessee on all grounds, dismissing Revenue's appeals and allowing the assessee's appeal. Case-Laws Income Tax Mon, 01 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266323