https://www.taxtmi.com/caselaws?id=380434 The Tribunal partly allowed the appeal, ruling in favor of the assessee on various issues. Notional interest on loans and advances was largely disallowed due to the use of interest-free surplus funds for investments. Expenses incurred through a credit card were deemed permissible, as personal expenses by directors cannot be disallowed in the company's hands. Personal expenses for a foreign tour were justified for business reasons and thus not added back. However, additions under section 68 of the Income-tax Act were confirmed in some cases due to insufficient evidence, and ad hoc disallowance of expenses was deleted for lack of specificity. en-us Fri, 17 May 2019 00:00:00 +0530 Mon, 20 May 2019 16:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380434 The Tribunal partly allowed the appeal, ruling in favor of the assessee on various issues. Notional interest on loans and advances was largely disallowed due to the use of interest-free surplus funds for investments. Expenses incurred through a credit card were deemed permissible, as personal expenses by directors cannot be disallowed in the company's hands. Personal expenses for a foreign tour were justified for business reasons and thus not added back. However, additions under section 68 of the Income-tax Act were confirmed in some cases due to insufficient evidence, and ad hoc disallowance of expenses was deleted for lack of specificity. Case-Laws Income Tax Fri, 17 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380434