https://www.taxtmi.com/caselaws?id=71946 The Tribunal upheld the CIT(A)'s decision to disallow the deduction claimed under Section 36(1)(viii) of the Income Tax Act, stating that the discounting charges and interest on bank deposits were not directly derived from the housing finance business. The appeal by the assessee was dismissed, affirming the recalculated deduction. Additionally, the Tribunal agreed with the CIT(A) in canceling the penalty imposed under Section 271(1)(c), as there was no evidence of concealment or furnishing inaccurate particulars. The Revenue's appeal was dismissed, upholding the cancellation of the penalty. en-us Fri, 16 May 2008 00:00:00 +0530 Fri, 01 Apr 2016 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71946 The Tribunal upheld the CIT(A)'s decision to disallow the deduction claimed under Section 36(1)(viii) of the Income Tax Act, stating that the discounting charges and interest on bank deposits were not directly derived from the housing finance business. The appeal by the assessee was dismissed, affirming the recalculated deduction. Additionally, the Tribunal agreed with the CIT(A) in canceling the penalty imposed under Section 271(1)(c), as there was no evidence of concealment or furnishing inaccurate particulars. The Revenue's appeal was dismissed, upholding the cancellation of the penalty. Case-Laws Income Tax Fri, 16 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71946