https://www.taxtmi.com/caselaws?id=420372 The tribunal ruled in favor of the assessee, vacating the disallowance of interest expenditure amounting to Rs. 3,89,931, citing the availability of sufficient interest-free funds and self-owned funds explaining investments in exempt income assets. The tribunal also allowed the appeal against the disallowance of management and development expenses for investment, criticizing the A.O.'s reasoning and lack of clarity. Additionally, it partially allowed the appeal on the lump sum disallowance of telephone and traveling expenses, reducing the disallowance to Rs. 50,000. The fourth issue regarding a general error in the CIT(A)'s order was dismissed as the assessee did not press the matter. en-us Wed, 30 Mar 2022 00:00:00 +0530 Fri, 01 Apr 2022 08:34:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420372 The tribunal ruled in favor of the assessee, vacating the disallowance of interest expenditure amounting to Rs. 3,89,931, citing the availability of sufficient interest-free funds and self-owned funds explaining investments in exempt income assets. The tribunal also allowed the appeal against the disallowance of management and development expenses for investment, criticizing the A.O.'s reasoning and lack of clarity. Additionally, it partially allowed the appeal on the lump sum disallowance of telephone and traveling expenses, reducing the disallowance to Rs. 50,000. The fourth issue regarding a general error in the CIT(A)'s order was dismissed as the assessee did not press the matter. Case-Laws Income Tax Wed, 30 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420372