https://www.taxtmi.com/caselaws?id=294226 Processing charges and interest on housing or personal loans were examined for business-expenditure treatment, with the Tribunal holding that the purpose and actual use of the borrowed funds required fresh verification; the section 40(a)(ia) disallowance was also to be reconsidered on the nature of the payees. The section 68 addition for unsecured loans was restored for fresh appellate adjudication because additional evidence and Rule 46A needed proper examination. For section 41(1), the Tribunal held that old creditor balances and non-movement alone do not establish cessation of liability, so the deletion of that addition was sustained. The gross profit addition was moderated and sustained at 2.5%. en-us Fri, 15 May 2015 00:00:00 +0530 Mon, 29 Mar 2021 19:25:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294226 Processing charges and interest on housing or personal loans were examined for business-expenditure treatment, with the Tribunal holding that the purpose and actual use of the borrowed funds required fresh verification; the section 40(a)(ia) disallowance was also to be reconsidered on the nature of the payees. The section 68 addition for unsecured loans was restored for fresh appellate adjudication because additional evidence and Rule 46A needed proper examination. For section 41(1), the Tribunal held that old creditor balances and non-movement alone do not establish cessation of liability, so the deletion of that addition was sustained. The gross profit addition was moderated and sustained at 2.5%. Case-Laws Income Tax Fri, 15 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294226