https://www.taxtmi.com/caselaws?id=430607 The Tribunal ruled in favor of the assessee on all issues raised in the appeal. It found no disallowance of interest under Rule 8D(2)(ii) was warranted due to sufficient own funds. Disallowance of foreign travel expenses was rejected as they were deemed necessary for business opportunities. Adhoc disallowances of expenses were deleted, emphasizing they were incurred wholly for business purposes. The Tribunal directed the AO to allow deductions for various expenses challenged, concluding they were exclusively for business purposes. The appeal was allowed for statistical purposes, with the order pronounced on the mentioned date. en-us Wed, 28 Sep 2022 00:00:00 +0530 Wed, 23 Nov 2022 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430607 The Tribunal ruled in favor of the assessee on all issues raised in the appeal. It found no disallowance of interest under Rule 8D(2)(ii) was warranted due to sufficient own funds. Disallowance of foreign travel expenses was rejected as they were deemed necessary for business opportunities. Adhoc disallowances of expenses were deleted, emphasizing they were incurred wholly for business purposes. The Tribunal directed the AO to allow deductions for various expenses challenged, concluding they were exclusively for business purposes. The appeal was allowed for statistical purposes, with the order pronounced on the mentioned date. Case-Laws Income Tax Wed, 28 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430607