https://www.taxtmi.com/caselaws?id=249910 The appeal was allowed, and the order of the CIT(C) invoking jurisdiction under section 263 of the Income Tax Act, 1961 was set aside. The ITAT ruled in favor of the assessee, stating that interest could only be taxed after the City Civil Court determined the liability to repay the advance and the interest rate. The A.O. was directed to re-examine the principal and interest as per the ITAT's previous decision once the issue was resolved by the Court. en-us Wed, 09 Jul 2014 00:00:00 +0530 Mon, 28 Jul 2014 09:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249910 The appeal was allowed, and the order of the CIT(C) invoking jurisdiction under section 263 of the Income Tax Act, 1961 was set aside. The ITAT ruled in favor of the assessee, stating that interest could only be taxed after the City Civil Court determined the liability to repay the advance and the interest rate. The A.O. was directed to re-examine the principal and interest as per the ITAT's previous decision once the issue was resolved by the Court. Case-Laws Income Tax Wed, 09 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249910