https://www.taxtmi.com/caselaws?id=407628 The tribunal ruled in favor of the assessee in a case involving the rejection of a revised computation during assessment proceedings and the disallowance of expenses for business purposes. The tribunal held that the interest paid on an OD limit utilized for business should be allowed as a deduction and directed the Assessing Officer to verify the relevant facts. Additionally, the tribunal found no grounds for disallowance of expenses solely based on non-verification of vouchers, allowing the appeal of the assessee for statistical purposes. The tribunal emphasized the importance of proper verification of facts and documentation by the revenue authorities. en-us Fri, 19 Mar 2021 00:00:00 +0530 Sat, 15 May 2021 10:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407628 The tribunal ruled in favor of the assessee in a case involving the rejection of a revised computation during assessment proceedings and the disallowance of expenses for business purposes. The tribunal held that the interest paid on an OD limit utilized for business should be allowed as a deduction and directed the Assessing Officer to verify the relevant facts. Additionally, the tribunal found no grounds for disallowance of expenses solely based on non-verification of vouchers, allowing the appeal of the assessee for statistical purposes. The tribunal emphasized the importance of proper verification of facts and documentation by the revenue authorities. Case-Laws Income Tax Fri, 19 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407628