https://www.taxtmi.com/caselaws?id=362341 The Tribunal upheld the decisions of the ld.CIT(A) in favor of the assessee in all issues raised by the Revenue. The disallowance of interest paid on loans under section 40A(2)(b) was deemed justified, as the interest rates were considered fair. Expenses and depreciation related to a motor car purchased in the Manager's name were allowed due to business use. The deletion of expenses for failure to deduct TDS was upheld, and additional depreciation on lab equipment and electrical items was permitted as essential for manufacturing. Both Revenue's appeals and Cross Objections were dismissed. en-us Thu, 01 Feb 2018 00:00:00 +0530 Fri, 22 Jun 2018 21:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362341 The Tribunal upheld the decisions of the ld.CIT(A) in favor of the assessee in all issues raised by the Revenue. The disallowance of interest paid on loans under section 40A(2)(b) was deemed justified, as the interest rates were considered fair. Expenses and depreciation related to a motor car purchased in the Manager's name were allowed due to business use. The deletion of expenses for failure to deduct TDS was upheld, and additional depreciation on lab equipment and electrical items was permitted as essential for manufacturing. Both Revenue's appeals and Cross Objections were dismissed. Case-Laws Income Tax Thu, 01 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362341