https://www.taxtmi.com/caselaws?id=207356 The Tribunal upheld the re-opening of assessment as valid due to sufficient reasons provided by the Revenue. Lease rentals were allowed as interest on financial loans rather than disallowed as sham transactions. Financial charges and upfront fees were allowed as deductions for a new plant. Unexplained cash credits were deleted as proper inquiries were not made. Disallowance under section 40A(2)(b) was remitted for fresh consideration. Interest on borrowed funds was allowed as advanced for commercial expediency. The delay in filing the appeal was condoned, resulting in partial allowance of appeals for certain assessment years and full allowance for others, while dismissing Revenue's appeals for specific years. en-us Wed, 10 Feb 2010 00:00:00 +0530 Fri, 09 Dec 2011 09:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207356 The Tribunal upheld the re-opening of assessment as valid due to sufficient reasons provided by the Revenue. Lease rentals were allowed as interest on financial loans rather than disallowed as sham transactions. Financial charges and upfront fees were allowed as deductions for a new plant. Unexplained cash credits were deleted as proper inquiries were not made. Disallowance under section 40A(2)(b) was remitted for fresh consideration. Interest on borrowed funds was allowed as advanced for commercial expediency. The delay in filing the appeal was condoned, resulting in partial allowance of appeals for certain assessment years and full allowance for others, while dismissing Revenue's appeals for specific years. Case-Laws Income Tax Wed, 10 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207356