https://www.taxtmi.com/caselaws?id=327189 The tribunal partially allowed the revenue's appeal, upholding the CIT(A)'s decisions on most issues, including deleting disallowances under various sections of the Income Tax Act. The tribunal confirmed the exclusion of strategic investments while computing disallowance under Rule 8D(2) and upheld that certain expenses were incurred wholly and exclusively for business purposes. However, the tribunal restricted the adhoc disallowance on certain expenses to 10% due to the possibility of personal use. The addition of alleged non-genuine purchases was deleted as proper documentation and certification supported their genuineness. en-us Wed, 27 Apr 2016 00:00:00 +0530 Tue, 03 May 2016 23:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327189 The tribunal partially allowed the revenue's appeal, upholding the CIT(A)'s decisions on most issues, including deleting disallowances under various sections of the Income Tax Act. The tribunal confirmed the exclusion of strategic investments while computing disallowance under Rule 8D(2) and upheld that certain expenses were incurred wholly and exclusively for business purposes. However, the tribunal restricted the adhoc disallowance on certain expenses to 10% due to the possibility of personal use. The addition of alleged non-genuine purchases was deleted as proper documentation and certification supported their genuineness. Case-Laws Income Tax Wed, 27 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327189