https://www.taxtmi.com/caselaws?id=312131 The Tribunal partially allowed the appeal. It deleted the disallowance of interest paid to relatives under section 40A(2)(b), finding the interest rate reasonable when compared to prevailing market rates and the actual borrowed amount. However, the Tribunal dismissed the appeal regarding depreciation on a motor car, as there was no dispute on the written down value, and only actual depreciation could be reduced for the subsequent year's value. en-us Fri, 06 Aug 2010 00:00:00 +0530 Fri, 02 Feb 2024 18:21:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312131 The Tribunal partially allowed the appeal. It deleted the disallowance of interest paid to relatives under section 40A(2)(b), finding the interest rate reasonable when compared to prevailing market rates and the actual borrowed amount. However, the Tribunal dismissed the appeal regarding depreciation on a motor car, as there was no dispute on the written down value, and only actual depreciation could be reduced for the subsequent year's value. Case-Laws Income Tax Fri, 06 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312131