https://www.taxtmi.com/caselaws?id=186624 The Revenue's appeal against the deletion of addition of profit on sale of shares as business profit was dismissed by the Tribunal due to the tax effect being below the threshold set by C.B.D.T. Instruction No.5 of 2008. The disallowance of interest payment to creditors was upheld as the assessee failed to deduct tax at source, under section 40(a)(ia). The disallowance of interest paid to the bank was confirmed as only a portion of the bank loan was used for business purposes. Additionally, the disallowance of telephone and vehicle expenses was upheld due to personal use elements. Both the Revenue's appeal and the assessee's cross objection were dismissed by the Tribunal. en-us Wed, 06 Apr 2011 00:00:00 +0530 Sat, 24 Sep 2016 11:04:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186624 The Revenue's appeal against the deletion of addition of profit on sale of shares as business profit was dismissed by the Tribunal due to the tax effect being below the threshold set by C.B.D.T. Instruction No.5 of 2008. The disallowance of interest payment to creditors was upheld as the assessee failed to deduct tax at source, under section 40(a)(ia). The disallowance of interest paid to the bank was confirmed as only a portion of the bank loan was used for business purposes. Additionally, the disallowance of telephone and vehicle expenses was upheld due to personal use elements. Both the Revenue's appeal and the assessee's cross objection were dismissed by the Tribunal. Case-Laws Income Tax Wed, 06 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186624