https://www.taxtmi.com/caselaws?id=352386 The tribunal ruled in favor of the assessee on various grounds, directing the deletion of disallowances and remanding certain issues for further verification. The disallowance of interest expenses was overturned, interest income treatment was remanded for reconsideration, and penalties under section 271(1)(c) were set aside pending post-quantum determination. The tribunal also addressed discrepancies in the valuation of closing stock, disallowance of interest on advances, non-granting of TDS credit, ad hoc disallowance of telephone expenses, and the addition of interest on NSC, providing directions for reassessment and verification by the tax authorities. en-us Thu, 30 Nov 2017 00:00:00 +0530 Thu, 14 Dec 2017 09:56:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352386 The tribunal ruled in favor of the assessee on various grounds, directing the deletion of disallowances and remanding certain issues for further verification. The disallowance of interest expenses was overturned, interest income treatment was remanded for reconsideration, and penalties under section 271(1)(c) were set aside pending post-quantum determination. The tribunal also addressed discrepancies in the valuation of closing stock, disallowance of interest on advances, non-granting of TDS credit, ad hoc disallowance of telephone expenses, and the addition of interest on NSC, providing directions for reassessment and verification by the tax authorities. Case-Laws Income Tax Thu, 30 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352386