https://www.taxtmi.com/caselaws?id=444746 The Tribunal allowed the appeal of the assessee, ruling that the adjustment of Rs. 6,94,190/- to the income under Section 143(1) of the Income Tax Act, 1961, was unjustified. The adjustment related to inadmissible interest paid to partners under Section 40(b), as reported ambiguously in the Tax Audit Report. The Tribunal found that the ambiguity prevented the application of Section 143(1)(a)(iv) for disallowing the sum and directed the deletion of the adjustment, accepting the assessee's explanation of a reporting error. en-us Tue, 29 Aug 2023 00:00:00 +0530 Sat, 21 Oct 2023 07:01:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444746 The Tribunal allowed the appeal of the assessee, ruling that the adjustment of Rs. 6,94,190/- to the income under Section 143(1) of the Income Tax Act, 1961, was unjustified. The adjustment related to inadmissible interest paid to partners under Section 40(b), as reported ambiguously in the Tax Audit Report. The Tribunal found that the ambiguity prevented the application of Section 143(1)(a)(iv) for disallowing the sum and directed the deletion of the adjustment, accepting the assessee's explanation of a reporting error. Case-Laws Income Tax Tue, 29 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444746