https://www.taxtmi.com/caselaws?id=384256 The Tribunal partially allowed the assessee's appeal, directing the AO to reassess the Annual Letting Value (ALV) of the house property based on market rates. The disallowance of business promotion expenses was deleted, as they were found to be necessary for the business. The disallowance of interest expenditure under Rule 8D(2)(ii) was also deleted, as no borrowed funds were used for investments. However, the disallowance of other expenses under Rule 8D(2)(iii) was upheld due to insufficient evidence provided by the assessee. en-us Wed, 31 Jul 2019 00:00:00 +0530 Fri, 09 Aug 2019 07:18:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384256 The Tribunal partially allowed the assessee's appeal, directing the AO to reassess the Annual Letting Value (ALV) of the house property based on market rates. The disallowance of business promotion expenses was deleted, as they were found to be necessary for the business. The disallowance of interest expenditure under Rule 8D(2)(ii) was also deleted, as no borrowed funds were used for investments. However, the disallowance of other expenses under Rule 8D(2)(iii) was upheld due to insufficient evidence provided by the assessee. Case-Laws Income Tax Wed, 31 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384256