https://www.taxtmi.com/caselaws?id=360528 The High Court ruled in favor of the Revenue, reversing the Tribunal's decision and allowing the Tax Appeal. The Court emphasized the independent nature of the findings for the current assessment year compared to earlier years not related to the search operation. The disallowance of interest income for the assessment year 2010-2011 was upheld based on the Assessing Officer's conclusion that the loan transaction was not genuine, reaffirmed by the CIT(Appeals). en-us Mon, 12 Mar 2018 00:00:00 +0530 Fri, 18 May 2018 09:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360528 The High Court ruled in favor of the Revenue, reversing the Tribunal's decision and allowing the Tax Appeal. The Court emphasized the independent nature of the findings for the current assessment year compared to earlier years not related to the search operation. The disallowance of interest income for the assessment year 2010-2011 was upheld based on the Assessing Officer's conclusion that the loan transaction was not genuine, reaffirmed by the CIT(Appeals). Case-Laws Income Tax Mon, 12 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360528