https://www.taxtmi.com/caselaws?id=347971 The Tribunal set aside the assessment completed under section 144 of the Income Tax Act, 1961, directing the Assessing Officer to pass a fresh order confirming the appellant's adherence to the cash system of accounting. The additions of interest accrued on advance to companies and interest on FOR with Canara Bank were reconsidered based on the appellant's accounting method, leading to the appeal being allowed for statistical purposes. The addition of credit entries in the bank account with Bank of India was reevaluated, and the non-granting of deduction for expenses incurred by the custodian was resolved in favor of the appellant. The penalty levied under section 271(1)(c) was set aside as the Tribunal found no justification for it. en-us Mon, 11 Sep 2017 00:00:00 +0530 Thu, 14 Sep 2017 08:07:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347971 The Tribunal set aside the assessment completed under section 144 of the Income Tax Act, 1961, directing the Assessing Officer to pass a fresh order confirming the appellant's adherence to the cash system of accounting. The additions of interest accrued on advance to companies and interest on FOR with Canara Bank were reconsidered based on the appellant's accounting method, leading to the appeal being allowed for statistical purposes. The addition of credit entries in the bank account with Bank of India was reevaluated, and the non-granting of deduction for expenses incurred by the custodian was resolved in favor of the appellant. The penalty levied under section 271(1)(c) was set aside as the Tribunal found no justification for it. Case-Laws Income Tax Mon, 11 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347971