https://www.taxtmi.com/caselaws?id=755555 ITAT Delhi upheld CIT(A)'s deletion of ad hoc expense disallowances, finding no adverse material supported the disallowance after AO's test verification showed no defects. The Tribunal sustained deletion of bank interest disallowance as AO failed to prove borrowed funds were used for non-business purposes. Salary disallowance deletion was upheld as assessee received no salary and TDS claim was corrected. Section 80IC deduction was allowed as all conditions were satisfied with no evidence of inter-unit transfers. However, selling and distribution expense disallowance was reduced from 25% to 10%, finding AO's original disallowance excessive while acknowledging some deficiencies existed. en-us Wed, 24 Jan 2024 00:00:00 +0530 Mon, 15 Jul 2024 08:18:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755555 ITAT Delhi upheld CIT(A)'s deletion of ad hoc expense disallowances, finding no adverse material supported the disallowance after AO's test verification showed no defects. The Tribunal sustained deletion of bank interest disallowance as AO failed to prove borrowed funds were used for non-business purposes. Salary disallowance deletion was upheld as assessee received no salary and TDS claim was corrected. Section 80IC deduction was allowed as all conditions were satisfied with no evidence of inter-unit transfers. However, selling and distribution expense disallowance was reduced from 25% to 10%, finding AO's original disallowance excessive while acknowledging some deficiencies existed. Case-Laws Income Tax Wed, 24 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755555