https://www.taxtmi.com/caselaws?id=407882 The Appellate Tribunal partially allowed both appeals, addressing challenges to the assumption of jurisdiction by the Principal Commissioner under Section 263 of the Income Tax Act and the disallowance of interest on borrowed funds for the assessment years in question. The Tribunal directed the Assessing Officer to examine the availability of interest-free funds for investment in plant and machinery, and partly allowed the appeal for the subsequent assessment year based on factual verification of production expenses and compliance with TDS provisions. en-us Mon, 24 May 2021 00:00:00 +0530 Tue, 25 May 2021 08:38:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407882 The Appellate Tribunal partially allowed both appeals, addressing challenges to the assumption of jurisdiction by the Principal Commissioner under Section 263 of the Income Tax Act and the disallowance of interest on borrowed funds for the assessment years in question. The Tribunal directed the Assessing Officer to examine the availability of interest-free funds for investment in plant and machinery, and partly allowed the appeal for the subsequent assessment year based on factual verification of production expenses and compliance with TDS provisions. Case-Laws Income Tax Mon, 24 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407882