https://www.taxtmi.com/caselaws?id=32198 The court ruled in favor of the assessee, a State of Tamil Nadu undertaking, regarding the waiver of penal interest claimed. The Assessing Officer's addition of the waived interest to the assessee's income was overturned by the appellate authority. The court remitted the matter to the Assessing Officer to ascertain if the penal interest was actually refunded to debtors, directing relief accordingly. The issue of discrepancy in stock was not directly addressed as the Tribunal had already allowed deduction for stock shortages in the relevant year. en-us Mon, 17 Nov 2008 00:00:00 +0530 Sat, 24 Jan 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32198 The court ruled in favor of the assessee, a State of Tamil Nadu undertaking, regarding the waiver of penal interest claimed. The Assessing Officer's addition of the waived interest to the assessee's income was overturned by the appellate authority. The court remitted the matter to the Assessing Officer to ascertain if the penal interest was actually refunded to debtors, directing relief accordingly. The issue of discrepancy in stock was not directly addressed as the Tribunal had already allowed deduction for stock shortages in the relevant year. Case-Laws Income Tax Mon, 17 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32198