https://www.taxtmi.com/caselaws?id=331132 The High Court allowed the appeal, ruling in favor of the assessee, holding that the Tribunal's decision to disallow interest under section 57(iii) of the Income Tax Act, 1961 was erroneous. The Court emphasized that once interest is allowed in a previous year without changes, it cannot be disallowed in the current year. The Court stressed the importance of maintaining consistency in revenue assessments across years and distinguished previous decisions cited by the respondent. en-us Wed, 03 Aug 2016 00:00:00 +0530 Sat, 13 Aug 2016 12:57:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331132 The High Court allowed the appeal, ruling in favor of the assessee, holding that the Tribunal's decision to disallow interest under section 57(iii) of the Income Tax Act, 1961 was erroneous. The Court emphasized that once interest is allowed in a previous year without changes, it cannot be disallowed in the current year. The Court stressed the importance of maintaining consistency in revenue assessments across years and distinguished previous decisions cited by the respondent. Case-Laws Income Tax Wed, 03 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331132