https://www.taxtmi.com/caselaws?id=67063 The Tribunal partly allowed the appeals, directing a re-examination of the overdraft account interest and restoration of the ground concerning the levy of interest under Section 215 for re-examination on merits by the CIT(A). The disallowance of interest related to advances given to M.P. Spinning & Weaving Mills P. Ltd. was upheld, with a direction to restrict the disallowance to the actual interest for the period the account remained overdrawn. The deduction under Section 80J of the IT Act was calculated based on net assets, as per the amendment by the Finance (No. 2) Act of 1980, which was upheld. en-us Tue, 26 Apr 1983 00:00:00 +0530 Tue, 08 Mar 2011 18:41:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67063 The Tribunal partly allowed the appeals, directing a re-examination of the overdraft account interest and restoration of the ground concerning the levy of interest under Section 215 for re-examination on merits by the CIT(A). The disallowance of interest related to advances given to M.P. Spinning & Weaving Mills P. Ltd. was upheld, with a direction to restrict the disallowance to the actual interest for the period the account remained overdrawn. The deduction under Section 80J of the IT Act was calculated based on net assets, as per the amendment by the Finance (No. 2) Act of 1980, which was upheld. Case-Laws Income Tax Tue, 26 Apr 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67063