https://www.taxtmi.com/caselaws?id=245991 The Tribunal allowed the assessee's appeals, setting aside the CIT's orders for the impugned years. The Tribunal held that the CIT had not exercised jurisdiction correctly as the issue had been adequately examined by the AO in a previous assessment year. The judgment emphasized the importance of factual examination by the AO in determining the allowability of the interest claim on borrowed funds, highlighting the significance of proper assessment procedures and factual considerations in tax matters for fair and accurate determinations. en-us Wed, 26 Mar 2014 00:00:00 +0530 Sun, 13 Apr 2014 21:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245991 The Tribunal allowed the assessee's appeals, setting aside the CIT's orders for the impugned years. The Tribunal held that the CIT had not exercised jurisdiction correctly as the issue had been adequately examined by the AO in a previous assessment year. The judgment emphasized the importance of factual examination by the AO in determining the allowability of the interest claim on borrowed funds, highlighting the significance of proper assessment procedures and factual considerations in tax matters for fair and accurate determinations. Case-Laws Income Tax Wed, 26 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245991