https://www.taxtmi.com/caselaws?id=16876 The Income-tax Appellate Tribunal canceled the Assessing Officer's disallowance of outstanding interest on borrowings from financial institutions for the assessment year 1989-90, deeming it debatable under section 154. The Tribunal emphasized the importance of furnishing evidence for payments made before due dates, citing circulars issued by the Central Board of Direct Taxes. The Tribunal's decision was based on the interpretation of these circulars and the lack of justification for invoking section 154 by the Assessing Officer. This case underscores the significance of timely evidence submission and proper interpretation of tax laws and circulars in income tax matters. en-us Mon, 20 Apr 1998 00:00:00 +0530 Sat, 12 Sep 2009 16:58:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16876 The Income-tax Appellate Tribunal canceled the Assessing Officer's disallowance of outstanding interest on borrowings from financial institutions for the assessment year 1989-90, deeming it debatable under section 154. The Tribunal emphasized the importance of furnishing evidence for payments made before due dates, citing circulars issued by the Central Board of Direct Taxes. The Tribunal's decision was based on the interpretation of these circulars and the lack of justification for invoking section 154 by the Assessing Officer. This case underscores the significance of timely evidence submission and proper interpretation of tax laws and circulars in income tax matters. Case-Laws Income Tax Mon, 20 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16876