https://www.taxtmi.com/caselaws?id=329852 The Tribunal ruled in favor of the assessee, holding that the addition of hypothetical interest income was unwarranted due to consistent treatment in previous assessment years. The deduction for the principal amount written off as irrecoverable was allowed based on the conditions of the Income Tax Act and relevant case law. Other grounds, including deduction for interest previously taxed, classification of repair expenditure, software expenses, and expenditure under section 35D, were dismissed as not pressed. The judgment highlighted the significance of maintaining consistency in tax treatment and adhering to established legal principles. en-us Thu, 30 Jun 2016 00:00:00 +0530 Mon, 11 Jul 2016 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329852 The Tribunal ruled in favor of the assessee, holding that the addition of hypothetical interest income was unwarranted due to consistent treatment in previous assessment years. The deduction for the principal amount written off as irrecoverable was allowed based on the conditions of the Income Tax Act and relevant case law. Other grounds, including deduction for interest previously taxed, classification of repair expenditure, software expenses, and expenditure under section 35D, were dismissed as not pressed. The judgment highlighted the significance of maintaining consistency in tax treatment and adhering to established legal principles. Case-Laws Income Tax Thu, 30 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329852