https://www.taxtmi.com/caselaws?id=272043 The Tribunal upheld the CIT(A)'s decisions in a case involving disallowance under Section 40(a)(ia) of the Income Tax Act, interest expenses, and employees' contributions to PF & ESI. The initiation of penalty proceedings under Section 271(1)(c) was deemed premature. The Tribunal also affirmed the application of the average cost of funds for disallowance under Section 36(1)(iii). Both the assessee's and the Revenue's appeals were dismissed. en-us Thu, 21 Jan 2016 00:00:00 +0530 Thu, 25 Feb 2016 08:51:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272043 The Tribunal upheld the CIT(A)'s decisions in a case involving disallowance under Section 40(a)(ia) of the Income Tax Act, interest expenses, and employees' contributions to PF & ESI. The initiation of penalty proceedings under Section 271(1)(c) was deemed premature. The Tribunal also affirmed the application of the average cost of funds for disallowance under Section 36(1)(iii). Both the assessee's and the Revenue's appeals were dismissed. Case-Laws Income Tax Thu, 21 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272043