https://www.taxtmi.com/caselaws?id=763750 Commissioner (Appeals) could not enhance assessment by introducing personal withdrawals as a new source of income, because section 251(1) is confined to matters considered in the assessment; that addition was deleted. The exclusion of drawings was sustained on the facts, as the drawings had already been reflected in the earlier year and appeared in the balance sheet for the year under consideration. Interest expenditure was allowable under section 57(iii) because it had a direct nexus with income from other sources, so the disallowance was deleted. Interest under section 234B remained applicable, but the computation had to be recomputed after giving credit for tax deductible at source. en-us Fri, 13 Dec 2024 00:00:00 +0530 Thu, 26 Dec 2024 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763750 Commissioner (Appeals) could not enhance assessment by introducing personal withdrawals as a new source of income, because section 251(1) is confined to matters considered in the assessment; that addition was deleted. The exclusion of drawings was sustained on the facts, as the drawings had already been reflected in the earlier year and appeared in the balance sheet for the year under consideration. Interest expenditure was allowable under section 57(iii) because it had a direct nexus with income from other sources, so the disallowance was deleted. Interest under section 234B remained applicable, but the computation had to be recomputed after giving credit for tax deductible at source. Case-Laws Income Tax Fri, 13 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763750