https://www.taxtmi.com/caselaws?id=188980 The court affirmed the Commissioner's jurisdiction to revise assessment orders under section 263, allowing disallowance of interest paid to the M.P. State Finance Corporation for specific years. However, the court ruled in favor of the assessee regarding the legality of disallowing interest, emphasizing that the interest paid was for expanding the existing business, making it deductible under section 36(1)(iii). The court distinguished relevant cases cited by the Tribunal and concluded in favor of the assessee on the second issue. No costs were awarded. en-us Thu, 02 Jul 1987 00:00:00 +0530 Thu, 22 Dec 2016 14:35:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188980 The court affirmed the Commissioner's jurisdiction to revise assessment orders under section 263, allowing disallowance of interest paid to the M.P. State Finance Corporation for specific years. However, the court ruled in favor of the assessee regarding the legality of disallowing interest, emphasizing that the interest paid was for expanding the existing business, making it deductible under section 36(1)(iii). The court distinguished relevant cases cited by the Tribunal and concluded in favor of the assessee on the second issue. No costs were awarded. Case-Laws Income Tax Thu, 02 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188980