https://www.taxtmi.com/caselaws?id=305922 The Tribunal allowed the appeal, directing the Assessing Officer to reassess professional income as "income from profession" instead of salary. It upheld legitimate expense deductions against professional income, overturning the disallowance by the Assessing Officer. The Tribunal also instructed verification of interest paid against interest received from other sources, emphasizing the need for clarity on loan purposes. The judgment clarified the distinction between professional income and salary, stressing the importance of factual assessment for accurate tax treatment. en-us Wed, 16 Mar 2022 00:00:00 +0530 Fri, 30 Dec 2022 09:52:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305922 The Tribunal allowed the appeal, directing the Assessing Officer to reassess professional income as "income from profession" instead of salary. It upheld legitimate expense deductions against professional income, overturning the disallowance by the Assessing Officer. The Tribunal also instructed verification of interest paid against interest received from other sources, emphasizing the need for clarity on loan purposes. The judgment clarified the distinction between professional income and salary, stressing the importance of factual assessment for accurate tax treatment. Case-Laws Income Tax Wed, 16 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305922