https://www.taxtmi.com/caselaws?id=431132 The Tribunal partially allowed the appeal, directing the Assessing Officer to consider the assessee's own funds in calculating interest disallowance under the Income Tax Act, 1961. The Tribunal overturned the addition made under section 271(1)(c) due to lack of incriminating documents, dismissed the issue of penal interest on TDS deduction for lack of appellant's argument, and allowed the appeal on disallowance of interest expenses by emphasizing consideration of relevant facts and the appellant's own funds. The Tribunal stressed that no addition to income could be solely based on the treatment of own funds. en-us Thu, 06 Oct 2022 00:00:00 +0530 Tue, 06 Dec 2022 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431132 The Tribunal partially allowed the appeal, directing the Assessing Officer to consider the assessee's own funds in calculating interest disallowance under the Income Tax Act, 1961. The Tribunal overturned the addition made under section 271(1)(c) due to lack of incriminating documents, dismissed the issue of penal interest on TDS deduction for lack of appellant's argument, and allowed the appeal on disallowance of interest expenses by emphasizing consideration of relevant facts and the appellant's own funds. The Tribunal stressed that no addition to income could be solely based on the treatment of own funds. Case-Laws Income Tax Thu, 06 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431132