https://www.taxtmi.com/caselaws?id=297350 The tribunal upheld the decision of the Ld. CIT (A) in disallowing additional interest as penal in nature, dismissing the appeal filed by the revenue. The Ld. CIT (A) allowed the interest payments as business expenditures but disallowed the penalties imposed by the AO. Despite the absence of the assessee during hearings, the tribunal proceeded based on the conduct observed, affirming the disallowances made by the tax authorities regarding EDO charges and interest expenses. en-us Thu, 05 Apr 2018 00:00:00 +0530 Sat, 28 Aug 2021 17:35:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297350 The tribunal upheld the decision of the Ld. CIT (A) in disallowing additional interest as penal in nature, dismissing the appeal filed by the revenue. The Ld. CIT (A) allowed the interest payments as business expenditures but disallowed the penalties imposed by the AO. Despite the absence of the assessee during hearings, the tribunal proceeded based on the conduct observed, affirming the disallowances made by the tax authorities regarding EDO charges and interest expenses. Case-Laws Income Tax Thu, 05 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297350