https://www.taxtmi.com/caselaws?id=290052 Delay in filing the appeals was condoned on a justice-oriented construction of sufficient cause, as the assessee's access to funds depended on the custodian and banks under the Special Court regime and no deliberate negligence was shown. Interest expenditure was treated as allowable under the mercantile system where liability had accrued and a nexus with borrowed funds and income-bearing assets was established; the disallowable portion relating to investment expenditure was also directed to be included in the cost of shares and securities. Interest under sections 234A, 234B and 234C was sustained in principle, but the computation had to be recomputed after giving credit for tax deductible at source. en-us Thu, 04 Apr 2019 00:00:00 +0530 Sun, 06 Sep 2020 20:37:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290052 Delay in filing the appeals was condoned on a justice-oriented construction of sufficient cause, as the assessee's access to funds depended on the custodian and banks under the Special Court regime and no deliberate negligence was shown. Interest expenditure was treated as allowable under the mercantile system where liability had accrued and a nexus with borrowed funds and income-bearing assets was established; the disallowable portion relating to investment expenditure was also directed to be included in the cost of shares and securities. Interest under sections 234A, 234B and 234C was sustained in principle, but the computation had to be recomputed after giving credit for tax deductible at source. Case-Laws Income Tax Thu, 04 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290052