https://www.taxtmi.com/caselaws?id=411943 The Tribunal allowed the appeal in favor of the assessee, vacating disallowances and additions made by lower authorities. The disallowance of deduction under Section 35(1)(ii) was overturned due to retrospective cancellation of approval. Ad hoc disallowance of genuine expenditure was vacated as unsupported. Addition under Section 68 for unexplained cash credit was removed for lack of disproving evidence. Interest charges were upheld as per Supreme Court precedent. Penalty proceedings were deemed premature. The AO was instructed to recalculate interest in line with the Tribunal's decision. en-us Fri, 03 Sep 2021 00:00:00 +0530 Wed, 24 Nov 2021 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411943 The Tribunal allowed the appeal in favor of the assessee, vacating disallowances and additions made by lower authorities. The disallowance of deduction under Section 35(1)(ii) was overturned due to retrospective cancellation of approval. Ad hoc disallowance of genuine expenditure was vacated as unsupported. Addition under Section 68 for unexplained cash credit was removed for lack of disproving evidence. Interest charges were upheld as per Supreme Court precedent. Penalty proceedings were deemed premature. The AO was instructed to recalculate interest in line with the Tribunal's decision. Case-Laws Income Tax Fri, 03 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411943