https://www.taxtmi.com/caselaws?id=298526 The Tribunal upheld the disallowance of expenditure by the CIT(A) due to lack of evidence of business activity. However, the Tribunal ruled in favor of the assessee regarding the notional disallowance of interest expenditure, finding it unjustified based on available reserves and legal precedents. The appeal was partly allowed, with the disallowance on interest expenditure being ordered to be deleted. en-us Tue, 15 May 2018 00:00:00 +0530 Mon, 08 Nov 2021 21:11:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298526 The Tribunal upheld the disallowance of expenditure by the CIT(A) due to lack of evidence of business activity. However, the Tribunal ruled in favor of the assessee regarding the notional disallowance of interest expenditure, finding it unjustified based on available reserves and legal precedents. The appeal was partly allowed, with the disallowance on interest expenditure being ordered to be deleted. Case-Laws Income Tax Tue, 15 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298526