https://www.taxtmi.com/caselaws?id=179249 The tribunal concluded that the assessee companies did not have a contractual right to receive interest from M/s. Satyam Computer Services Ltd. The advances were made from interest-free funds, and interest income cannot be presumed to have accrued without a contract and certainty of recovery. The issue of disallowance of interest expenditure was to be re-examined by the Assessing Officer to determine if the advances were made from borrowed funds. The tribunal set aside the orders of the Commissioner of Income-tax (Appeals) and the Assessing Officer, remitting the issue back to the Assessing Officer for reconsideration. The appeals of the Revenue were allowed for statistical purposes. en-us Thu, 01 May 2014 00:00:00 +0530 Wed, 24 Feb 2016 07:46:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179249 The tribunal concluded that the assessee companies did not have a contractual right to receive interest from M/s. Satyam Computer Services Ltd. The advances were made from interest-free funds, and interest income cannot be presumed to have accrued without a contract and certainty of recovery. The issue of disallowance of interest expenditure was to be re-examined by the Assessing Officer to determine if the advances were made from borrowed funds. The tribunal set aside the orders of the Commissioner of Income-tax (Appeals) and the Assessing Officer, remitting the issue back to the Assessing Officer for reconsideration. The appeals of the Revenue were allowed for statistical purposes. Case-Laws Income Tax Thu, 01 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179249