https://www.taxtmi.com/caselaws?id=438509 The Tribunal upheld the CIT (Appeals)'s decisions to delete additions made by the Assessing Officer. The first issue regarding treating agricultural income as business income was resolved in favor of the assessee based on past acceptance and relevant case law. The second issue concerning outstanding liabilities of sundry creditors was decided in favor of the assessee, as the AO failed to prove cessation of liability. The third issue on disallowance under Rule 8D(2)(iii) was also ruled in favor of the assessee, considering only investments yielding exempt income for disallowance. The Tribunal dismissed the Revenue's appeal on all grounds. en-us Mon, 29 May 2023 00:00:00 +0530 Fri, 02 Jun 2023 08:33:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438509 The Tribunal upheld the CIT (Appeals)'s decisions to delete additions made by the Assessing Officer. The first issue regarding treating agricultural income as business income was resolved in favor of the assessee based on past acceptance and relevant case law. The second issue concerning outstanding liabilities of sundry creditors was decided in favor of the assessee, as the AO failed to prove cessation of liability. The third issue on disallowance under Rule 8D(2)(iii) was also ruled in favor of the assessee, considering only investments yielding exempt income for disallowance. The Tribunal dismissed the Revenue's appeal on all grounds. Case-Laws Income Tax Mon, 29 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438509