https://www.taxtmi.com/caselaws?id=326973 The partnership firm, engaged in trading in cotton, contested the Assessing Officer's decision to charge interest on outstanding debtor balances for the assessment year 2008-09. The firm argued that the debtor's weak financial position made recovery doubtful and claimed no practice of charging interest. The CIT(A) agreed with the firm, directing the Assessing Officer to delete the interest charges. The ITAT upheld the CIT(A)'s decision, dismissing the revenue's appeal and emphasizing that the Assessing Officer lacked authority to charge interest without mutual agreement or conditions. en-us Fri, 18 Mar 2016 00:00:00 +0530 Fri, 29 Apr 2016 11:26:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326973 The partnership firm, engaged in trading in cotton, contested the Assessing Officer's decision to charge interest on outstanding debtor balances for the assessment year 2008-09. The firm argued that the debtor's weak financial position made recovery doubtful and claimed no practice of charging interest. The CIT(A) agreed with the firm, directing the Assessing Officer to delete the interest charges. The ITAT upheld the CIT(A)'s decision, dismissing the revenue's appeal and emphasizing that the Assessing Officer lacked authority to charge interest without mutual agreement or conditions. Case-Laws Income Tax Fri, 18 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326973