https://www.taxtmi.com/caselaws?id=213077 The Tribunal partly allowed the assessee's appeal, directing the Assessing Officer to delete the disallowance of interest-free advances to sister concerns as they were for business purposes. The Tribunal remanded the non-adjudicated expenses issue back to the Assessing Officer for verification. The premature penalty proceedings issue was dismissed. The mandatory charging of interest under Sections 234B and 234C was upheld. The Tribunal affirmed the treatment of "punitive charges" as compensatory, allowing them as business expenses. The appeal by the Revenue was dismissed. en-us Wed, 14 Dec 2011 00:00:00 +0530 Mon, 09 Apr 2012 12:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213077 The Tribunal partly allowed the assessee's appeal, directing the Assessing Officer to delete the disallowance of interest-free advances to sister concerns as they were for business purposes. The Tribunal remanded the non-adjudicated expenses issue back to the Assessing Officer for verification. The premature penalty proceedings issue was dismissed. The mandatory charging of interest under Sections 234B and 234C was upheld. The Tribunal affirmed the treatment of "punitive charges" as compensatory, allowing them as business expenses. The appeal by the Revenue was dismissed. Case-Laws Income Tax Wed, 14 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213077