https://www.taxtmi.com/caselaws?id=202877 The Court found that the Tribunal erred in deciding on the allowability of interest paid by the appellant based on an alleged concession that the appellant disputed making. The Court held that as the Tribunal did not dispute the appellant's assertion, it was presumed that no such concession was made. Additionally, the Tribunal's findings on the business connection between the appellant and a firm, leading to the disallowance of interest, were considered arbitrary. The Court set aside the Tribunal's decision, upheld the CIT (Appeals) order, and deemed the Tribunal's decision incorrect, with no costs awarded. en-us Thu, 17 Mar 2011 00:00:00 +0530 Mon, 05 Sep 2011 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202877 The Court found that the Tribunal erred in deciding on the allowability of interest paid by the appellant based on an alleged concession that the appellant disputed making. The Court held that as the Tribunal did not dispute the appellant's assertion, it was presumed that no such concession was made. Additionally, the Tribunal's findings on the business connection between the appellant and a firm, leading to the disallowance of interest, were considered arbitrary. The Court set aside the Tribunal's decision, upheld the CIT (Appeals) order, and deemed the Tribunal's decision incorrect, with no costs awarded. Case-Laws Income Tax Thu, 17 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202877