https://www.taxtmi.com/caselaws?id=249348 The appellant challenged the disallowance of interest under sections 36(1)(iii) and 43B(e) of the Income Tax Act. The Commissioner of Income Tax (Appeals) upheld the disallowance under section 36(1)(iii) due to lack of commercial expediency. However, the Tribunal directed fresh adjudication by the Assessing Officer, emphasizing the need for a reasonable opportunity for the assessee to be heard. Regarding the disallowance under section 43B(e), the Tribunal also restored the issue to the AO for reevaluation, considering relevant case law. Ultimately, the appeal was allowed for statistical purposes, ensuring consistency with previous decisions in the appellant's favor. en-us Thu, 26 Jun 2014 00:00:00 +0530 Fri, 05 Aug 2022 18:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249348 The appellant challenged the disallowance of interest under sections 36(1)(iii) and 43B(e) of the Income Tax Act. The Commissioner of Income Tax (Appeals) upheld the disallowance under section 36(1)(iii) due to lack of commercial expediency. However, the Tribunal directed fresh adjudication by the Assessing Officer, emphasizing the need for a reasonable opportunity for the assessee to be heard. Regarding the disallowance under section 43B(e), the Tribunal also restored the issue to the AO for reevaluation, considering relevant case law. Ultimately, the appeal was allowed for statistical purposes, ensuring consistency with previous decisions in the appellant's favor. Case-Laws Income Tax Thu, 26 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249348