https://www.taxtmi.com/caselaws?id=424507 The Appellate Tribunal partially allowed the appeal, ruling in favor of the assessee on both issues. The disallowance of State Value Added Tax (VAT) paid for earlier years was rejected, allowing it as a deduction in the Profit and loss account of eligible projects. Additionally, the disallowance of interest amount was overturned as the Tribunal found no provision for interest in the partnership deed, leading to the deletion of the interest addition. The judgment provided detailed legal reasoning and analysis to support these decisions. en-us Thu, 30 Jun 2022 00:00:00 +0530 Fri, 01 Jul 2022 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424507 The Appellate Tribunal partially allowed the appeal, ruling in favor of the assessee on both issues. The disallowance of State Value Added Tax (VAT) paid for earlier years was rejected, allowing it as a deduction in the Profit and loss account of eligible projects. Additionally, the disallowance of interest amount was overturned as the Tribunal found no provision for interest in the partnership deed, leading to the deletion of the interest addition. The judgment provided detailed legal reasoning and analysis to support these decisions. Case-Laws Income Tax Thu, 30 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424507