https://www.taxtmi.com/caselaws?id=10191 The Tribunal was directed to reassess the matter in a case where the carrying charges disallowed by the Assessing Officer, upheld by the Commissioner of Income-tax (Appeals) and the Tribunal, were found to be deductible under section 37 of the Income-tax Act, 1961. The court held that the income earned by the assessee from the retained amount is assessable in its hands, irrespective of how it was treated in the accounts of another entity. The appeal was allowed in favor of the assessee, with instructions for reassessment based on the court's findings. en-us Tue, 28 Sep 2004 00:00:00 +0530 Fri, 10 Jul 2009 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10191 The Tribunal was directed to reassess the matter in a case where the carrying charges disallowed by the Assessing Officer, upheld by the Commissioner of Income-tax (Appeals) and the Tribunal, were found to be deductible under section 37 of the Income-tax Act, 1961. The court held that the income earned by the assessee from the retained amount is assessable in its hands, irrespective of how it was treated in the accounts of another entity. The appeal was allowed in favor of the assessee, with instructions for reassessment based on the court's findings. Case-Laws Income Tax Tue, 28 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10191