https://www.taxtmi.com/caselaws?id=409505 The High Court upheld the Tribunal's decision, dismissing the appeals as no substantial question of law arose for consideration. The Court found that the Assessing Officer had conducted a proper enquiry and that the interest earned on fixed deposits was correctly adjusted against the project expenditure. The Court also noted that the Principal Commissioner of Income Tax could not supplant his views with those of the Assessing Officer under Section 263. Therefore, the Tribunal's reversal of the Principal Commissioner of Income Tax's orders was justified. en-us Mon, 05 Jul 2021 00:00:00 +0530 Fri, 22 Oct 2021 16:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409505 The High Court upheld the Tribunal's decision, dismissing the appeals as no substantial question of law arose for consideration. The Court found that the Assessing Officer had conducted a proper enquiry and that the interest earned on fixed deposits was correctly adjusted against the project expenditure. The Court also noted that the Principal Commissioner of Income Tax could not supplant his views with those of the Assessing Officer under Section 263. Therefore, the Tribunal's reversal of the Principal Commissioner of Income Tax's orders was justified. Case-Laws Income Tax Mon, 05 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409505