https://www.taxtmi.com/caselaws?id=177324 The appeal was allowed in part, with the Tribunal ruling in favor of the assessee on certain issues. The disallowance of payment to retired partners was upheld, with the assessee directed to abide by the High Court's decision. Regarding the disallowance under section 14A, while Rule 8D was found not applicable for the assessment year, a reasonable disallowance was deemed necessary, remanding the issue back to the AO for fresh consideration. The alleged undisclosed professional receipts were rejected, as the appellant had offered more professional fees than reported in the AIR, attributing the variance to their accounting system. en-us Fri, 17 Apr 2015 00:00:00 +0530 Thu, 07 Jan 2016 10:37:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177324 The appeal was allowed in part, with the Tribunal ruling in favor of the assessee on certain issues. The disallowance of payment to retired partners was upheld, with the assessee directed to abide by the High Court's decision. Regarding the disallowance under section 14A, while Rule 8D was found not applicable for the assessment year, a reasonable disallowance was deemed necessary, remanding the issue back to the AO for fresh consideration. The alleged undisclosed professional receipts were rejected, as the appellant had offered more professional fees than reported in the AIR, attributing the variance to their accounting system. Case-Laws Income Tax Fri, 17 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177324