MSME Credit Assessment Gets a Makeover with Finance Ministry Launching a New Model

Disallowance of Rs 31.38 Lakh u/s 37 of Income Tax Act: ITAT Restores Matter to AO The ITAT has restored the matter of disallowance of Rs 31.38 lakh under Section 37 of the Income Tax Act back to the Assessing Officer (AO) for re-evaluation. The case involved the taxpayer claiming a deduction for certain expenses, which the AO disallowed on the grounds that they were not incurred for business purposes. The ITAT held that the AO had not conducted a thorough examination of the facts and evidence. Consequently, the case was sent back for reconsideration, allowing the taxpayer another opportunity to present their arguments. This ruling underlines the importance of detailed scrutiny in assessing claims.