https://www.taxtmi.com/caselaws?id=243436 The Tribunal allowed the assessee's appeals for two consecutive assessment years, emphasizing the correct application of the law in determining income and deductions under the Income Tax Act. It held that the Assessing Officer's restriction of total income below the returned amount was not legally mandated, and the denial of interest deduction for the preconstruction period was incorrect. The Tribunal directed for the allowance of interest deduction in accordance with the clear provision of law, clarifying the interpretation of the Explanation to section 24(b) of the Act. en-us Fri, 16 Aug 2013 00:00:00 +0530 Sat, 01 Feb 2014 17:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243436 The Tribunal allowed the assessee's appeals for two consecutive assessment years, emphasizing the correct application of the law in determining income and deductions under the Income Tax Act. It held that the Assessing Officer's restriction of total income below the returned amount was not legally mandated, and the denial of interest deduction for the preconstruction period was incorrect. The Tribunal directed for the allowance of interest deduction in accordance with the clear provision of law, clarifying the interpretation of the Explanation to section 24(b) of the Act. Case-Laws Income Tax Fri, 16 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243436