https://www.taxtmi.com/caselaws?id=367037 The Tribunal upheld the Principal Commissioner of Income Tax's revision order, emphasizing the non-deductibility of interest under section 43B due to non-payment before the due date. The jurisdiction under section 263 was deemed valid, and the treatment of interest as a contingent liability was analyzed based on the loan terms and Government Order provisions. The decision focused on ensuring compliance with statutory provisions and safeguarding revenue interests, ultimately dismissing the appeal and affirming the directive to reassess and disallow the interest amount. en-us Wed, 18 Jul 2018 00:00:00 +0530 Fri, 14 Sep 2018 07:47:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367037 The Tribunal upheld the Principal Commissioner of Income Tax's revision order, emphasizing the non-deductibility of interest under section 43B due to non-payment before the due date. The jurisdiction under section 263 was deemed valid, and the treatment of interest as a contingent liability was analyzed based on the loan terms and Government Order provisions. The decision focused on ensuring compliance with statutory provisions and safeguarding revenue interests, ultimately dismissing the appeal and affirming the directive to reassess and disallow the interest amount. Case-Laws Income Tax Wed, 18 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367037