https://www.taxtmi.com/caselaws?id=307817 The Appellate Tribunal partly allowed the appeal filed by the assessee. The disallowance of interest expenses was upheld only for specific investments lacking a direct nexus with interest income. The addition on account of unexplained cash expenses was deleted as all cash expenses were duly recorded. The disallowance of interest expenses on the car loan and depreciation on the car was overturned as they were allowed as deductions against business income. The Tribunal directed the Assessing Officer to make proportional disallowances for specific investments and delete the additions for unexplained cash expenses and car-related expenses. en-us Wed, 20 Jul 2022 00:00:00 +0530 Tue, 09 May 2023 21:17:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307817 The Appellate Tribunal partly allowed the appeal filed by the assessee. The disallowance of interest expenses was upheld only for specific investments lacking a direct nexus with interest income. The addition on account of unexplained cash expenses was deleted as all cash expenses were duly recorded. The disallowance of interest expenses on the car loan and depreciation on the car was overturned as they were allowed as deductions against business income. The Tribunal directed the Assessing Officer to make proportional disallowances for specific investments and delete the additions for unexplained cash expenses and car-related expenses. Case-Laws Income Tax Wed, 20 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307817