https://www.taxtmi.com/caselaws?id=295178 The tribunal upheld the decision of the Ld. CIT(A) in a case concerning the assessment of interest income for F.Y. 2007-08. It ruled that the interest income on the advance paid to Unitech Ltd. was correctly declared in the subsequent assessment year and dismissed the revenue's appeal. The tribunal also found the transaction between the parties to be genuine, rejecting the revenue's argument to the contrary. Additionally, the tribunal addressed a procedural issue regarding the delay in pronouncing the order due to the COVID-19 lockdown, citing exceptional circumstances for the delay. en-us Fri, 26 Jun 2020 00:00:00 +0530 Sat, 22 May 2021 08:24:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295178 The tribunal upheld the decision of the Ld. CIT(A) in a case concerning the assessment of interest income for F.Y. 2007-08. It ruled that the interest income on the advance paid to Unitech Ltd. was correctly declared in the subsequent assessment year and dismissed the revenue's appeal. The tribunal also found the transaction between the parties to be genuine, rejecting the revenue's argument to the contrary. Additionally, the tribunal addressed a procedural issue regarding the delay in pronouncing the order due to the COVID-19 lockdown, citing exceptional circumstances for the delay. Case-Laws Income Tax Fri, 26 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295178