https://www.taxtmi.com/caselaws?id=244910 The Tribunal partly allowed the appeal, permitting the deduction of interest on a bank loan in part, referring to a previous order. The disallowance of business expenses was restored to the Assessing Officer for further examination due to the lack of business activity during the relevant assessment year. The issue regarding the validity of the assessment order was not pursued by the assessee. The Tribunal directed the re-computation of interest under sections 234A, 234B, and 234C based on the revised assessed income. The penalty issue was deemed premature and dismissed. en-us Tue, 25 Feb 2014 00:00:00 +0530 Wed, 12 Mar 2014 07:14:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244910 The Tribunal partly allowed the appeal, permitting the deduction of interest on a bank loan in part, referring to a previous order. The disallowance of business expenses was restored to the Assessing Officer for further examination due to the lack of business activity during the relevant assessment year. The issue regarding the validity of the assessment order was not pursued by the assessee. The Tribunal directed the re-computation of interest under sections 234A, 234B, and 234C based on the revised assessed income. The penalty issue was deemed premature and dismissed. Case-Laws Income Tax Tue, 25 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244910