https://www.taxtmi.com/caselaws?id=388628 The High Court upheld the Tribunal's decision that the assessment orders were not erroneous or prejudicial to revenue. It was found that the assessing officer had diligently followed the prevailing legal precedent at the time, which required the exclusion of 90% of interest from business profits for deduction purposes. The Court concluded that the orders were legally sound as the officer had adhered to the judicial pronouncement, dismissing the appeals filed by the Commissioner of Income Tax. en-us Fri, 01 Nov 2019 00:00:00 +0530 Mon, 22 Jun 2020 14:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388628 The High Court upheld the Tribunal's decision that the assessment orders were not erroneous or prejudicial to revenue. It was found that the assessing officer had diligently followed the prevailing legal precedent at the time, which required the exclusion of 90% of interest from business profits for deduction purposes. The Court concluded that the orders were legally sound as the officer had adhered to the judicial pronouncement, dismissing the appeals filed by the Commissioner of Income Tax. Case-Laws Income Tax Fri, 01 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388628