https://www.taxtmi.com/caselaws?id=424169 The Appellate Tribunal upheld the jurisdiction of the Assessing Officer under section 153C for the Assessment Year 2013-14, dismissing challenges raised. The Tribunal rejected the legal challenge against the validity of assessment proceedings and directed reassessment regarding the disallowance of interest expenditure. It upheld the proportionate disallowance of expenses under section 14A, emphasizing the importance of providing the assessee with a fair hearing opportunity before confirming additions. The matter was remitted back to the AO for further assessment, highlighting the need for a clear nexus between borrowed funds and their utilization. en-us Wed, 08 Jun 2022 00:00:00 +0530 Thu, 23 Jun 2022 09:24:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424169 The Appellate Tribunal upheld the jurisdiction of the Assessing Officer under section 153C for the Assessment Year 2013-14, dismissing challenges raised. The Tribunal rejected the legal challenge against the validity of assessment proceedings and directed reassessment regarding the disallowance of interest expenditure. It upheld the proportionate disallowance of expenses under section 14A, emphasizing the importance of providing the assessee with a fair hearing opportunity before confirming additions. The matter was remitted back to the AO for further assessment, highlighting the need for a clear nexus between borrowed funds and their utilization. Case-Laws Income Tax Wed, 08 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424169