https://www.taxtmi.com/caselaws?id=359565 The appellant's challenges against various additions and disallowances under the Income Tax Act were addressed in the judgment. The CIT (Appeals) upheld some additions, such as disallowing interest as business expenditure and interest paid to LIC, while remitting the valuation of property by the DVO for fresh consideration. The appellant's contentions on GP rate, business purpose of interest payments, and property valuation discrepancies were analyzed, resulting in a detailed review of legal and factual aspects. Ultimately, the judgment provided insights into the application of tax laws and valuation procedures in resolving the disputes. en-us Fri, 13 Apr 2018 00:00:00 +0530 Tue, 01 May 2018 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359565 The appellant's challenges against various additions and disallowances under the Income Tax Act were addressed in the judgment. The CIT (Appeals) upheld some additions, such as disallowing interest as business expenditure and interest paid to LIC, while remitting the valuation of property by the DVO for fresh consideration. The appellant's contentions on GP rate, business purpose of interest payments, and property valuation discrepancies were analyzed, resulting in a detailed review of legal and factual aspects. Ultimately, the judgment provided insights into the application of tax laws and valuation procedures in resolving the disputes. Case-Laws Income Tax Fri, 13 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359565