https://www.taxtmi.com/caselaws?id=185030 The Tribunal ruled in favor of the Department, holding that the assessee artificially inflated profits by including interest and remuneration payable to partners in the deduction u/s 10B without actual payment, which was deemed as illegitimate tax planning. The Tribunal emphasized the necessity of accurately computing profits and expenses for claiming exemptions under the Income-tax Act, ultimately allowing the Department's appeal and restoring the Assessing Officer's order. en-us Thu, 24 Jan 2013 00:00:00 +0530 Thu, 28 Jul 2016 15:55:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185030 The Tribunal ruled in favor of the Department, holding that the assessee artificially inflated profits by including interest and remuneration payable to partners in the deduction u/s 10B without actual payment, which was deemed as illegitimate tax planning. The Tribunal emphasized the necessity of accurately computing profits and expenses for claiming exemptions under the Income-tax Act, ultimately allowing the Department's appeal and restoring the Assessing Officer's order. Case-Laws Income Tax Thu, 24 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185030