https://www.taxtmi.com/caselaws?id=287248 The Tribunal ruled in favor of the assessee, allowing the claim for finance charges disallowed by the Assessing Officer, emphasizing the expenses were for continuous business operations. Additionally, the Tribunal rejected the addition of undisclosed interest income, noting the funds belonged to the society and the interest income was credited to the society's account, not forming part of the assessee's income. The judgment underscores the significance of comprehending expenses and income in the context of business operations and accounting methods. en-us Wed, 12 Jun 2019 00:00:00 +0530 Mon, 06 Apr 2020 10:27:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287248 The Tribunal ruled in favor of the assessee, allowing the claim for finance charges disallowed by the Assessing Officer, emphasizing the expenses were for continuous business operations. Additionally, the Tribunal rejected the addition of undisclosed interest income, noting the funds belonged to the society and the interest income was credited to the society's account, not forming part of the assessee's income. The judgment underscores the significance of comprehending expenses and income in the context of business operations and accounting methods. Case-Laws Income Tax Wed, 12 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287248