https://www.taxtmi.com/caselaws?id=417162 The Tribunal upheld the Assessing Officer's decision to disallow the interest deduction claimed by the assessee under section 24(b) of the Income-tax Act due to lack of evidence proving the borrowed funds were fully utilized for property purchase. The Tribunal remitted the issue of disallowance of cash withdrawals back to the AO for verification based on discrepancies between cashbook entries and bank statements. Depreciation disallowance on fixed assets was directed to be allowed if the expenditure was capitalized in a previous year. Building maintenance expenses disallowance was remitted for fresh decision, and depreciation disallowance on assets used for less than 180 days was deleted by the Tribunal. en-us Wed, 15 Dec 2021 00:00:00 +0530 Mon, 17 Jan 2022 08:56:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417162 The Tribunal upheld the Assessing Officer's decision to disallow the interest deduction claimed by the assessee under section 24(b) of the Income-tax Act due to lack of evidence proving the borrowed funds were fully utilized for property purchase. The Tribunal remitted the issue of disallowance of cash withdrawals back to the AO for verification based on discrepancies between cashbook entries and bank statements. Depreciation disallowance on fixed assets was directed to be allowed if the expenditure was capitalized in a previous year. Building maintenance expenses disallowance was remitted for fresh decision, and depreciation disallowance on assets used for less than 180 days was deleted by the Tribunal. Case-Laws Income Tax Wed, 15 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417162