https://www.taxtmi.com/caselaws?id=371091 The High Court upheld the Tribunal's decision to delete certain additions made by the Income Tax Appellate Tribunal, ruling in favor of the assessees against the Revenue. However, the High Court agreed with the AO's disallowance of interest expenditure on deposits not taken for business purposes, sustaining the AO's decision and ruling in favor of the Revenue on this issue. The characterization of withdrawals from the firm by partners as loans for business purposes was also decided in favor of the Revenue, with the High Court deleting the Tribunal's order allowing interest expenditure and upholding the AO's disallowance. en-us Mon, 24 Sep 2018 00:00:00 +0530 Wed, 28 Nov 2018 08:39:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371091 The High Court upheld the Tribunal's decision to delete certain additions made by the Income Tax Appellate Tribunal, ruling in favor of the assessees against the Revenue. However, the High Court agreed with the AO's disallowance of interest expenditure on deposits not taken for business purposes, sustaining the AO's decision and ruling in favor of the Revenue on this issue. The characterization of withdrawals from the firm by partners as loans for business purposes was also decided in favor of the Revenue, with the High Court deleting the Tribunal's order allowing interest expenditure and upholding the AO's disallowance. Case-Laws Income Tax Mon, 24 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371091