https://www.taxtmi.com/caselaws?id=406334 The Tribunal set aside the CIT(A)'s order enhancing income by disallowing interest expenditure under Section 36(1)(iii), amounting to Rs. 53,78,282. It ruled that the CIT(A) exceeded its powers by not following proper procedures for taxing new income sources, citing relevant case law. The Tribunal emphasized the need for adherence to legal principles and consistency, ultimately allowing the appeal in favor of the assessee. en-us Tue, 06 Apr 2021 00:00:00 +0530 Tue, 25 May 2021 13:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406334 The Tribunal set aside the CIT(A)'s order enhancing income by disallowing interest expenditure under Section 36(1)(iii), amounting to Rs. 53,78,282. It ruled that the CIT(A) exceeded its powers by not following proper procedures for taxing new income sources, citing relevant case law. The Tribunal emphasized the need for adherence to legal principles and consistency, ultimately allowing the appeal in favor of the assessee. Case-Laws Income Tax Tue, 06 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406334