https://www.taxtmi.com/caselaws?id=356337 The case involved the disallowance of finance charges under the Income Tax Act and a penalty under Section 271(1)(c). The court upheld the disallowance of finance charges but allowed a pro-rata deduction under Section 57(iii) for finance charges related to taxable dividend income. The penalty for furnishing inaccurate particulars of income was remanded to the assessing officer for reconsideration following the revised assessment as per the ITAT's directions and Section 275(1A). en-us Fri, 23 Feb 2018 00:00:00 +0530 Fri, 01 Jun 2018 17:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356337 The case involved the disallowance of finance charges under the Income Tax Act and a penalty under Section 271(1)(c). The court upheld the disallowance of finance charges but allowed a pro-rata deduction under Section 57(iii) for finance charges related to taxable dividend income. The penalty for furnishing inaccurate particulars of income was remanded to the assessing officer for reconsideration following the revised assessment as per the ITAT's directions and Section 275(1A). Case-Laws Income Tax Fri, 23 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356337