Interest Disallowance Overturned; Capital Loss and Tax Refund Interest Sent for Reevaluation; Travel Expenses Allowed.

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....The ITAT held that interest disallowance was not justified as borrowed funds were invested in equity shares, not loans. Disallowance of land acquisition cost was remanded to AO for proper verification of documents. Long-term capital loss disallowance was set aside for reevaluation of additional evidence. Disallowance of capital loss on shares was remanded for lack of proper evaluation of documentary evidence. Taxability of interest on tax refund was to be reexamined by AO. Disallowance of travel expenses was deleted due to lack of clarity in AO's reasoning. Prior period expenses were allowed as they accrued in the relevant assessment year. Sales promotion expenses disallowance was overturned as AO failed to prove they were not for business purposes.....