https://www.taxtmi.com/caselaws?id=353140 Issue 1 involved the disallowance of interest expenditure and penalty under section 271(1)(c) of the Income Tax Act for alleged diversion of funds. The Tribunal remanded the matter for fresh adjudication, allowing the appellant's request to remand the penalty appeal to CIT(A). Ultimately, the appeal was allowed for statistical purposes. Issue 2 concerned the addition of income due to inflated bogus purchases in reassessment proceedings. The Tribunal directed a thorough re-examination by the AO considering various factors, leading to the allowance of the appeal for statistical purposes. en-us Fri, 15 Dec 2017 00:00:00 +0530 Thu, 28 Dec 2017 08:05:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353140 Issue 1 involved the disallowance of interest expenditure and penalty under section 271(1)(c) of the Income Tax Act for alleged diversion of funds. The Tribunal remanded the matter for fresh adjudication, allowing the appellant's request to remand the penalty appeal to CIT(A). Ultimately, the appeal was allowed for statistical purposes. Issue 2 concerned the addition of income due to inflated bogus purchases in reassessment proceedings. The Tribunal directed a thorough re-examination by the AO considering various factors, leading to the allowance of the appeal for statistical purposes. Case-Laws Income Tax Fri, 15 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353140