https://www.taxtmi.com/caselaws?id=422826 The Income Tax Appellate Tribunal allowed the appeal filed by the assessee, directing the Assessing Officer to treat the disputed amount under the head "Income from business" and allowing the claimed deductions for Indirect Expenses and Interest on partner's capital account. The Tribunal emphasized the importance of providing cogent adverse findings and reasoning when rejecting evidence presented by the assessee, highlighting that evidence cannot be disregarded based on surmises when the assessee has provided all necessary documentation to support their claims. en-us Fri, 06 May 2022 00:00:00 +0530 Tue, 24 May 2022 06:52:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422826 The Income Tax Appellate Tribunal allowed the appeal filed by the assessee, directing the Assessing Officer to treat the disputed amount under the head "Income from business" and allowing the claimed deductions for Indirect Expenses and Interest on partner's capital account. The Tribunal emphasized the importance of providing cogent adverse findings and reasoning when rejecting evidence presented by the assessee, highlighting that evidence cannot be disregarded based on surmises when the assessee has provided all necessary documentation to support their claims. Case-Laws Income Tax Fri, 06 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422826