https://www.taxtmi.com/caselaws?id=372736 The Tribunal ruled in favor of the assessee on various issues. The addition on account of the sale of shares was deleted as the profit was disclosed in the Profit and Loss account. Disallowance of expenditure for Bus Queue Shelters was overturned, following the principle that revenue expenditure should be allowed in the year incurred. Disallowances for late filing of Service Tax return, Bihar Project Expenses, notional interest on loans and advances, notional interest on investment in a joint venture, and share capital were all deleted due to lack of evidence or incorrect application of law. The disallowance under Section 40(a)(ia) was restricted to 30% of the expenditure claimed. en-us Wed, 19 Dec 2018 00:00:00 +0530 Fri, 28 Dec 2018 11:35:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372736 The Tribunal ruled in favor of the assessee on various issues. The addition on account of the sale of shares was deleted as the profit was disclosed in the Profit and Loss account. Disallowance of expenditure for Bus Queue Shelters was overturned, following the principle that revenue expenditure should be allowed in the year incurred. Disallowances for late filing of Service Tax return, Bihar Project Expenses, notional interest on loans and advances, notional interest on investment in a joint venture, and share capital were all deleted due to lack of evidence or incorrect application of law. The disallowance under Section 40(a)(ia) was restricted to 30% of the expenditure claimed. Case-Laws Income Tax Wed, 19 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372736