https://www.taxtmi.com/caselaws?id=188234 The High Court ruled in favor of the revenue authority in an appeal under section 260A of the Income Tax Act, 1961. The Court held that the Tribunal erred in allowing interest deduction to the assessee when a net profit rate was applied. Referring to a previous case, the Court emphasized that no separate deduction should be granted for interest in such circumstances. Therefore, the appeal was allowed in favor of the revenue authority, denying the interest deduction to the assessee. en-us Thu, 12 Aug 2010 00:00:00 +0530 Tue, 22 Nov 2016 16:56:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188234 The High Court ruled in favor of the revenue authority in an appeal under section 260A of the Income Tax Act, 1961. The Court held that the Tribunal erred in allowing interest deduction to the assessee when a net profit rate was applied. Referring to a previous case, the Court emphasized that no separate deduction should be granted for interest in such circumstances. Therefore, the appeal was allowed in favor of the revenue authority, denying the interest deduction to the assessee. Case-Laws Income Tax Thu, 12 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188234