https://www.taxtmi.com/caselaws?id=249761 The ITAT set aside the CIT-(C)'s order under section 263 of the Income Tax Act, 1961, directing a re-examination of the interest calculation on advances made to M/s. Satyam Computer Services Limited. The ITAT emphasized that the CIT-(C) lacked jurisdiction as the basis for the interest levy was already under appeal. The Assessing Officer was instructed to re-calculate interest in line with the ITAT's decision, awaiting the determination of liability to repay the advances by the Court. en-us Wed, 09 Jul 2014 00:00:00 +0530 Wed, 23 Jul 2014 08:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249761 The ITAT set aside the CIT-(C)'s order under section 263 of the Income Tax Act, 1961, directing a re-examination of the interest calculation on advances made to M/s. Satyam Computer Services Limited. The ITAT emphasized that the CIT-(C) lacked jurisdiction as the basis for the interest levy was already under appeal. The Assessing Officer was instructed to re-calculate interest in line with the ITAT's decision, awaiting the determination of liability to repay the advances by the Court. Case-Laws Income Tax Wed, 09 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249761