https://www.taxtmi.com/caselaws?id=367045 The Tribunal dismissed the Revenue's appeal and allowed the assessee's cross-objection. It held that the interest expenditure was not incurred during A.Y. 2008-09, and therefore, there was no basis for disallowing it. Additionally, the Tribunal found the reopening of the assessment invalid as the interest expenditure was not debited in the relevant assessment year. It clarified that directing the addition in an earlier assessment year falls within the revisionary powers of the CIT under section 263 of the Act. en-us Thu, 06 Sep 2018 00:00:00 +0530 Fri, 14 Sep 2018 07:48:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367045 The Tribunal dismissed the Revenue's appeal and allowed the assessee's cross-objection. It held that the interest expenditure was not incurred during A.Y. 2008-09, and therefore, there was no basis for disallowing it. Additionally, the Tribunal found the reopening of the assessment invalid as the interest expenditure was not debited in the relevant assessment year. It clarified that directing the addition in an earlier assessment year falls within the revisionary powers of the CIT under section 263 of the Act. Case-Laws Income Tax Thu, 06 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367045