https://www.taxtmi.com/caselaws?id=181641 The Income Tax Appellate Tribunal (ITAT) allowed the appellant's appeal, overturning the decisions of the Revenue Authorities on the disallowance of interest under section 36(1)(iii) of the Income Tax Act, 1961, and the treatment of mark to market losses. The ITAT directed the Assessing Officer to delete the disallowance of interest amounting to Rs. 19,95,375 and the addition of Rs. 2,59,623 as mark to market losses, emphasizing the appellant's financial position and the correct application of accounting standards and legal precedents in determining tax liabilities. en-us Fri, 13 Feb 2015 00:00:00 +0530 Thu, 21 Apr 2016 10:22:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181641 The Income Tax Appellate Tribunal (ITAT) allowed the appellant's appeal, overturning the decisions of the Revenue Authorities on the disallowance of interest under section 36(1)(iii) of the Income Tax Act, 1961, and the treatment of mark to market losses. The ITAT directed the Assessing Officer to delete the disallowance of interest amounting to Rs. 19,95,375 and the addition of Rs. 2,59,623 as mark to market losses, emphasizing the appellant's financial position and the correct application of accounting standards and legal precedents in determining tax liabilities. Case-Laws Income Tax Fri, 13 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181641