https://www.taxtmi.com/caselaws?id=213179 The Tribunal dismissed the assessee's appeal regarding the disallowance of business expenditure claimed, upholding that the expenses could not be claimed again as business expenditure after being covered by statutory allowance under Section 24. The Tribunal also dismissed the Revenue's appeal against the allowance of processing fee as a deduction, affirming that processing charges are part of interest. However, the Tribunal allowed the assessee's appeal against the penalty under Section 271(1)(c), finding no concealment of income or furnishing of inaccurate particulars. en-us Wed, 04 Apr 2012 00:00:00 +0530 Tue, 19 Apr 2016 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213179 The Tribunal dismissed the assessee's appeal regarding the disallowance of business expenditure claimed, upholding that the expenses could not be claimed again as business expenditure after being covered by statutory allowance under Section 24. The Tribunal also dismissed the Revenue's appeal against the allowance of processing fee as a deduction, affirming that processing charges are part of interest. However, the Tribunal allowed the assessee's appeal against the penalty under Section 271(1)(c), finding no concealment of income or furnishing of inaccurate particulars. Case-Laws Income Tax Wed, 04 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213179