https://www.taxtmi.com/caselaws?id=348592 The Tribunal ruled in favor of the appellant, a public sector undertaking, in a tax dispute. It allowed the claimed interest expenses disallowance, emphasizing the revenue nature of the loan taken for the Voluntary Retirement Scheme. The Tribunal also held that the CIT(A) exceeded jurisdiction by adding long-term capital gains not considered by the Assessing Officer. The Tribunal found the CIT(A) lacked authority to assess new sources of income not disclosed to the AO. Consequently, the Tribunal allowed the appeal, deeming the CIT(A)'s order unsustainable in law. en-us Fri, 22 Sep 2017 00:00:00 +0530 Mon, 25 Sep 2017 07:21:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348592 The Tribunal ruled in favor of the appellant, a public sector undertaking, in a tax dispute. It allowed the claimed interest expenses disallowance, emphasizing the revenue nature of the loan taken for the Voluntary Retirement Scheme. The Tribunal also held that the CIT(A) exceeded jurisdiction by adding long-term capital gains not considered by the Assessing Officer. The Tribunal found the CIT(A) lacked authority to assess new sources of income not disclosed to the AO. Consequently, the Tribunal allowed the appeal, deeming the CIT(A)'s order unsustainable in law. Case-Laws Income Tax Fri, 22 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348592