https://www.taxtmi.com/caselaws?id=332447 The Tribunal dismissed both appeals filed by the assessee, upholding the disallowance of interest amounting to ? 53,76,200 and the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the interest claimed was not paid to the creditors as per the Memorandum of Understanding and that inaccurate particulars were furnished to evade tax liability. The order was pronounced on 5th August 2016. en-us Fri, 05 Aug 2016 00:00:00 +0530 Sat, 17 Sep 2016 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332447 The Tribunal dismissed both appeals filed by the assessee, upholding the disallowance of interest amounting to ? 53,76,200 and the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the interest claimed was not paid to the creditors as per the Memorandum of Understanding and that inaccurate particulars were furnished to evade tax liability. The order was pronounced on 5th August 2016. Case-Laws Income Tax Fri, 05 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332447