https://www.taxtmi.com/caselaws?id=347671 The Tribunal partly allowed the appeal in a case concerning adhoc disallowance of expenses and interest disallowance under section 40A(2)(B). The Tribunal reduced the excessive 20% disallowance of expenses to 10% due to lack of personal element explanation. Regarding interest disallowance, the Tribunal ruled in favor of the assessee, deleting the addition of notional interest charged on interest-free advances, citing a Bombay High Court decision and finding the enhancement arbitrary. The decision provided relief to the assessee by applying legal principles from relevant precedents. en-us Fri, 01 Sep 2017 00:00:00 +0530 Thu, 07 Sep 2017 16:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347671 The Tribunal partly allowed the appeal in a case concerning adhoc disallowance of expenses and interest disallowance under section 40A(2)(B). The Tribunal reduced the excessive 20% disallowance of expenses to 10% due to lack of personal element explanation. Regarding interest disallowance, the Tribunal ruled in favor of the assessee, deleting the addition of notional interest charged on interest-free advances, citing a Bombay High Court decision and finding the enhancement arbitrary. The decision provided relief to the assessee by applying legal principles from relevant precedents. Case-Laws Income Tax Fri, 01 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347671