https://www.taxtmi.com/caselaws?id=68217 The Tribunal ruled in favor of the Revenue, overturning the CIT(A)'s decision to delete the interest payment addition as it was deemed a capital investment, not a deductible business expense. However, the Tribunal upheld the CIT(A)'s decision to cancel the reassessment proceedings initiated by the AO, stating that there was no valid reason for reassessment and it amounted to a mere change of opinion without new material. The appeals were decided in favor of the Revenue regarding the interest payment addition but against the Revenue on the validity of the reassessment proceedings. en-us Mon, 29 Jul 2002 00:00:00 +0530 Wed, 22 Feb 2012 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68217 The Tribunal ruled in favor of the Revenue, overturning the CIT(A)'s decision to delete the interest payment addition as it was deemed a capital investment, not a deductible business expense. However, the Tribunal upheld the CIT(A)'s decision to cancel the reassessment proceedings initiated by the AO, stating that there was no valid reason for reassessment and it amounted to a mere change of opinion without new material. The appeals were decided in favor of the Revenue regarding the interest payment addition but against the Revenue on the validity of the reassessment proceedings. Case-Laws Income Tax Mon, 29 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68217