https://www.taxtmi.com/caselaws?id=428166 Cross-appeals were filed against the Ld. CIT(A)'s orders partially allowing appeals against assessment orders under the Income Tax Act, 1961. The appeals challenged disallowances of interest on loans for investments and cash credit account for fixed assets. The Tribunal referred to relevant provisions and past judgments, emphasizing that no disallowance of interest is justified when the assessee has sufficient own funds. The Tribunal directed the Assessing Officer to assess the fund position and decide on disallowances accordingly. The issues were set aside for further examination, and the appeals were allowed for statistical purposes. en-us Mon, 22 Aug 2022 00:00:00 +0530 Sat, 24 Sep 2022 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428166 Cross-appeals were filed against the Ld. CIT(A)'s orders partially allowing appeals against assessment orders under the Income Tax Act, 1961. The appeals challenged disallowances of interest on loans for investments and cash credit account for fixed assets. The Tribunal referred to relevant provisions and past judgments, emphasizing that no disallowance of interest is justified when the assessee has sufficient own funds. The Tribunal directed the Assessing Officer to assess the fund position and decide on disallowances accordingly. The issues were set aside for further examination, and the appeals were allowed for statistical purposes. Case-Laws Income Tax Mon, 22 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428166