https://www.taxtmi.com/caselaws?id=121738 The disallowance of interest claims under section 271(1)(c) for assessment years 1996-97 and 1997-98 was confirmed by the CIT(A) and upheld by the Tribunal. The penalties imposed under section 271(1)(c) were also confirmed by the CIT(A) but were challenged by the assessee. The Tribunal found the explanation for claiming interest deductions unconvincing and directed the issue to be reconsidered by the CIT(A) in light of the Supreme Court's decision in Dharmendra Textile Processors. The appeals were allowed for statistical purposes, and the matter was remanded for a fresh decision based on updated facts and legal precedent. en-us Mon, 01 Dec 2008 00:00:00 +0530 Wed, 01 Aug 2012 18:25:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121738 The disallowance of interest claims under section 271(1)(c) for assessment years 1996-97 and 1997-98 was confirmed by the CIT(A) and upheld by the Tribunal. The penalties imposed under section 271(1)(c) were also confirmed by the CIT(A) but were challenged by the assessee. The Tribunal found the explanation for claiming interest deductions unconvincing and directed the issue to be reconsidered by the CIT(A) in light of the Supreme Court's decision in Dharmendra Textile Processors. The appeals were allowed for statistical purposes, and the matter was remanded for a fresh decision based on updated facts and legal precedent. Case-Laws Income Tax Mon, 01 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121738