https://www.taxtmi.com/caselaws?id=397232 The Tribunal partially allowed the appeal, directing the Assessing Officer to recompute certain additions related to Hawala purchases and interest expenditure under Section 36(1)(iii), while upholding disallowances on Vehicle, Telephone, Membership, and Subscription expenses. The initiation of re-assessment proceedings was deemed valid. The Tribunal emphasized the need for proper verification and evidence regarding business purposes for expenses and investments. The judgment was delivered on 07th August 2020. en-us Fri, 07 Aug 2020 00:00:00 +0530 Mon, 10 Aug 2020 13:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397232 The Tribunal partially allowed the appeal, directing the Assessing Officer to recompute certain additions related to Hawala purchases and interest expenditure under Section 36(1)(iii), while upholding disallowances on Vehicle, Telephone, Membership, and Subscription expenses. The initiation of re-assessment proceedings was deemed valid. The Tribunal emphasized the need for proper verification and evidence regarding business purposes for expenses and investments. The judgment was delivered on 07th August 2020. Case-Laws Income Tax Fri, 07 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397232