https://www.taxtmi.com/caselaws?id=290413 The Tribunal allowed the appeals for the assessment years, holding that the assessee-partnership firm could not be assessed under Section 2(22)(e) of the Income-tax Act as deemed dividend. It ruled that interest on delayed payment of sales tax is compensatory and cannot be disallowed. The Tribunal directed verification of the disallowance of interest on the TDS amount and interest paid on a credit card, emphasizing business purpose scrutiny. Additionally, it instructed reexamination of Customs duty disallowance based on evidence provided. The Tribunal set aside certain orders and remitted issues for further assessment by the Assessing Officer. en-us Tue, 17 Oct 2017 00:00:00 +0530 Fri, 25 Sep 2020 02:16:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290413 The Tribunal allowed the appeals for the assessment years, holding that the assessee-partnership firm could not be assessed under Section 2(22)(e) of the Income-tax Act as deemed dividend. It ruled that interest on delayed payment of sales tax is compensatory and cannot be disallowed. The Tribunal directed verification of the disallowance of interest on the TDS amount and interest paid on a credit card, emphasizing business purpose scrutiny. Additionally, it instructed reexamination of Customs duty disallowance based on evidence provided. The Tribunal set aside certain orders and remitted issues for further assessment by the Assessing Officer. Case-Laws Income Tax Tue, 17 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290413