https://www.taxtmi.com/caselaws?id=182995 The Tribunal directed the Assessing Officer to apply an 8% net profit rate instead of the initially imposed 11%, allowing the deduction of interest as a legitimate business expenditure. Additionally, the Tribunal ordered the deletion of an added undisclosed income amount, instructed the charging of interest under Section 234B only on the declared income, and directed the consideration of additional grounds by the Commissioner of Income Tax (Appeals) regarding amortization of preliminary expenses and allowance from interest income of a public issue. en-us Thu, 05 Sep 2002 00:00:00 +0530 Wed, 25 May 2016 18:16:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182995 The Tribunal directed the Assessing Officer to apply an 8% net profit rate instead of the initially imposed 11%, allowing the deduction of interest as a legitimate business expenditure. Additionally, the Tribunal ordered the deletion of an added undisclosed income amount, instructed the charging of interest under Section 234B only on the declared income, and directed the consideration of additional grounds by the Commissioner of Income Tax (Appeals) regarding amortization of preliminary expenses and allowance from interest income of a public issue. Case-Laws Income Tax Thu, 05 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182995