https://www.taxtmi.com/caselaws?id=186550 The Tribunal upheld the CIT(A)'s decisions in a tax case, dismissing the revenue's appeal. The issues involved deletion of disallowance of interest on debentures, applicability of section 40A(2) on payments to associate concerns, sections 92 and 93 on excessive property price, and disallowance of property tax. The Tribunal ruled that interest on borrowed capital for property purchase is allowable, section 40A(2) didn't apply to domestic transactions, sections 92 and 93 weren't relevant for domestic deals, and the property tax disallowance was deleted due to procedural delays in updating records. en-us Fri, 28 Jan 2011 00:00:00 +0530 Thu, 22 Sep 2016 12:56:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186550 The Tribunal upheld the CIT(A)'s decisions in a tax case, dismissing the revenue's appeal. The issues involved deletion of disallowance of interest on debentures, applicability of section 40A(2) on payments to associate concerns, sections 92 and 93 on excessive property price, and disallowance of property tax. The Tribunal ruled that interest on borrowed capital for property purchase is allowable, section 40A(2) didn't apply to domestic transactions, sections 92 and 93 weren't relevant for domestic deals, and the property tax disallowance was deleted due to procedural delays in updating records. Case-Laws Income Tax Fri, 28 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186550