https://www.taxtmi.com/caselaws?id=409824 The Tribunal partly allowed the appeal by directing the exclusion of Acropetal Technologies Ltd. as a comparable company due to fraudulent activities affecting its financial reliability. The disallowance of membership fees paid to Madras Club was upheld as personal expenses without evidence of business promotion. Regarding interest on delayed statutory payments, the Tribunal directed the Assessing Officer to avoid double disallowance of income tax interest, disallow PF interest as penal, and allow service tax interest as a revenue deduction. en-us Wed, 07 Jul 2021 00:00:00 +0530 Sat, 17 Jul 2021 07:27:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409824 The Tribunal partly allowed the appeal by directing the exclusion of Acropetal Technologies Ltd. as a comparable company due to fraudulent activities affecting its financial reliability. The disallowance of membership fees paid to Madras Club was upheld as personal expenses without evidence of business promotion. Regarding interest on delayed statutory payments, the Tribunal directed the Assessing Officer to avoid double disallowance of income tax interest, disallow PF interest as penal, and allow service tax interest as a revenue deduction. Case-Laws Income Tax Wed, 07 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409824