https://www.taxtmi.com/caselaws?id=379137 The High Court dismissed the Revenue's Appeals challenging the Tribunal's decision regarding the deductibility of interest and finance charges as business expenditure under the Income Tax Act. The Court upheld the Tribunal's findings that the deposits were genuine and no exempted income was earned, leading to the setting aside of the penalty imposed under Section 271(1)(c). The Court concluded that there was no merit in the Revenue's challenges, ruling in favor of the Assessee and affirming the Tribunal's decision. en-us Tue, 26 Feb 2019 00:00:00 +0530 Sat, 27 Apr 2019 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379137 The High Court dismissed the Revenue's Appeals challenging the Tribunal's decision regarding the deductibility of interest and finance charges as business expenditure under the Income Tax Act. The Court upheld the Tribunal's findings that the deposits were genuine and no exempted income was earned, leading to the setting aside of the penalty imposed under Section 271(1)(c). The Court concluded that there was no merit in the Revenue's challenges, ruling in favor of the Assessee and affirming the Tribunal's decision. Case-Laws Income Tax Tue, 26 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379137