https://www.taxtmi.com/caselaws?id=418221 The Tribunal overturned the disallowance of interest expense by the Assessing Officer and the confirmation by the Commissioner of Income Tax (Appeals). It found the transactions genuine, with interest paid and received at a consistent rate, and emphasized that business expenditure should not be disallowed without evidence of violation. The Tribunal directed the AO to delete the penalty, allowing the assessee's appeal. en-us Wed, 22 Sep 2021 00:00:00 +0530 Fri, 11 Feb 2022 07:21:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418221 The Tribunal overturned the disallowance of interest expense by the Assessing Officer and the confirmation by the Commissioner of Income Tax (Appeals). It found the transactions genuine, with interest paid and received at a consistent rate, and emphasized that business expenditure should not be disallowed without evidence of violation. The Tribunal directed the AO to delete the penalty, allowing the assessee's appeal. Case-Laws Income Tax Wed, 22 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418221