https://www.taxtmi.com/caselaws?id=385016 The case involved the disallowance of interest expenditure and car-related expenses under the Income Tax Act, 1961. The Assessing Officer disallowed a portion of the interest expenditure for lack of nexus with income generation and a portion of car expenses for potential personal use. The CIT(A) upheld the disallowances, but the ITAT partially allowed the appeal. The ITAT remanded the interest disallowance issue for reconsideration and reduced the disallowance of car expenses to a more reasonable amount. en-us Mon, 26 Aug 2019 00:00:00 +0530 Tue, 27 Aug 2019 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385016 The case involved the disallowance of interest expenditure and car-related expenses under the Income Tax Act, 1961. The Assessing Officer disallowed a portion of the interest expenditure for lack of nexus with income generation and a portion of car expenses for potential personal use. The CIT(A) upheld the disallowances, but the ITAT partially allowed the appeal. The ITAT remanded the interest disallowance issue for reconsideration and reduced the disallowance of car expenses to a more reasonable amount. Case-Laws Income Tax Mon, 26 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385016