2010 (7) TMI 1051

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.....D AGARWAL, VICE-PRESIDENT:   This is assessee's appeal against the order of the CIT(A)-XVI, Ahmedabad dated 18.01.2010 for A.Y.2007-2008 arising out of the order of the Assessing Officer passed under Section 143(3) of the Income Tax Act, 1961. 2. Ground No.1 of the assessee's appeal reads as under: "1. Ld.CIT(A) erred in law and on facts to uphold the disallowance of intere....

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.... loan from the relatives are without security while the loan from the bank is secured. He also pointed out that in the case of Omkarmal Gaurishanker Vs. ITO, 92 TTJ (Ahd) 223 the Tribunal held that the interest paid to the relatives at the rate of 24% is be reasonable. He also submitted that during the year under consideration, the assessee himself has charged interest from others at the rate of 1....

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....nce of Rs. 50,000/- out of travelling expenses as personal expenses. The ld.CIT(A) ought to have deleted entire addition on this ground." 7. We have heard both the parties and perused the material placed before us. We find that during the year under consideration, the assessee claimed travelling expenses amounting to Rs. 4,29,011/-. The AO disallowed 50% of the claim because the expenses includ....