https://www.taxtmi.com/caselaws?id=63879 The Tribunal allowed the assessee's appeal, directing the deduction of Rs. 31,327 paid as interest to First National City Bank under section 57 of the Income-tax Act. It held that reassessment proceedings set aside the original assessment, requiring a fresh determination of total income and allowance of legitimate deductions, in line with judicial precedents supporting this approach. en-us Mon, 14 Feb 1983 00:00:00 +0530 Wed, 02 Feb 2011 15:32:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63879 The Tribunal allowed the assessee's appeal, directing the deduction of Rs. 31,327 paid as interest to First National City Bank under section 57 of the Income-tax Act. It held that reassessment proceedings set aside the original assessment, requiring a fresh determination of total income and allowance of legitimate deductions, in line with judicial precedents supporting this approach. Case-Laws Income Tax Mon, 14 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63879