https://www.taxtmi.com/caselaws?id=68235 The Tribunal dismissed the Department's appeals against the CIT(A)'s consolidated order for the assessment years 1993-94, 1994-95, and 1995-96. The case centered on charging notional interest on debit balances of parties, with the CIT(A) deleting these additions due to the sufficiency of the assessee's own funds and lack of direct link between borrowed funds and advances. The Tribunal upheld the CIT(A) decision, emphasizing the impracticality of charging interest on irrecoverable outstanding amounts, especially in cases of liquidation. The appeals were dismissed based on the analysis of the case's specifics. en-us Wed, 01 Dec 2004 00:00:00 +0530 Wed, 18 Jul 2012 17:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68235 The Tribunal dismissed the Department's appeals against the CIT(A)'s consolidated order for the assessment years 1993-94, 1994-95, and 1995-96. The case centered on charging notional interest on debit balances of parties, with the CIT(A) deleting these additions due to the sufficiency of the assessee's own funds and lack of direct link between borrowed funds and advances. The Tribunal upheld the CIT(A) decision, emphasizing the impracticality of charging interest on irrecoverable outstanding amounts, especially in cases of liquidation. The appeals were dismissed based on the analysis of the case's specifics. Case-Laws Income Tax Wed, 01 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68235