https://www.taxtmi.com/caselaws?id=312194 A tribunal note on income-tax disputes explains that an estimated DVO valuation cannot support an addition where the books are not rejected and no defect is shown; outstanding advances shown as liabilities do not become taxable income under section 28(iv) unless cessation of liability or write-back is established; and disallowance of interest on advances to a sister concern must be examined on the test of business expediency. It also notes that section 40(a)(ia) disallowance may be confined to the amount on which tax was not deducted, while section 40A(3) applies to cash payments unless a Rule 6DD exception is proved. en-us Fri, 20 Sep 2013 00:00:00 +0530 Tue, 06 Feb 2024 18:17:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312194 A tribunal note on income-tax disputes explains that an estimated DVO valuation cannot support an addition where the books are not rejected and no defect is shown; outstanding advances shown as liabilities do not become taxable income under section 28(iv) unless cessation of liability or write-back is established; and disallowance of interest on advances to a sister concern must be examined on the test of business expediency. It also notes that section 40(a)(ia) disallowance may be confined to the amount on which tax was not deducted, while section 40A(3) applies to cash payments unless a Rule 6DD exception is proved. Case-Laws Income Tax Fri, 20 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312194