https://www.taxtmi.com/caselaws?id=170020 The High Court upheld the disallowance of lease rentals claimed by an assessee-company for manufacturing iron and steel products, ruling in favor of the Revenue. Additionally, the High Court favored the Revenue in the addition of unexplained cash credits under Section 68 and the disallowance of proportionate interest on borrowed funds for different assessment years. The court found the Tribunal's decisions lacking basis and contrary to the evidence on record, supporting the assessing authority's actions in all three issues. en-us Wed, 29 Jan 2014 00:00:00 +0530 Fri, 20 Nov 2015 13:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170020 The High Court upheld the disallowance of lease rentals claimed by an assessee-company for manufacturing iron and steel products, ruling in favor of the Revenue. Additionally, the High Court favored the Revenue in the addition of unexplained cash credits under Section 68 and the disallowance of proportionate interest on borrowed funds for different assessment years. The court found the Tribunal's decisions lacking basis and contrary to the evidence on record, supporting the assessing authority's actions in all three issues. Case-Laws Income Tax Wed, 29 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170020