https://www.taxtmi.com/caselaws?id=408968 The Tribunal partly allowed the appeal, upholding or modifying specific disallowances based on evidence and legal provisions. The Tribunal emphasized the importance of verifiable evidence and proper criteria for disallowances, aligning with legal precedents and statutory requirements. Key outcomes include the restriction of interest payment on partner's capital to a pro-rata basis due to substantial withdrawals, upholding a 5% adhoc disallowance of repair and maintenance expenses, rejecting an adhoc addition to closing stock valuation of dust, dismissing the ground of interest paid on VAT, and reducing adhoc disallowances of customer entertainment and telephone expenses. en-us Thu, 24 Jun 2021 00:00:00 +0530 Fri, 25 Jun 2021 07:14:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408968 The Tribunal partly allowed the appeal, upholding or modifying specific disallowances based on evidence and legal provisions. The Tribunal emphasized the importance of verifiable evidence and proper criteria for disallowances, aligning with legal precedents and statutory requirements. Key outcomes include the restriction of interest payment on partner's capital to a pro-rata basis due to substantial withdrawals, upholding a 5% adhoc disallowance of repair and maintenance expenses, rejecting an adhoc addition to closing stock valuation of dust, dismissing the ground of interest paid on VAT, and reducing adhoc disallowances of customer entertainment and telephone expenses. Case-Laws Income Tax Thu, 24 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408968