https://www.taxtmi.com/caselaws?id=438204 The Court allowed the Assessee's appeal, ruling in favor of the cooperative sugar factory under liquidation, regarding the waiver of interest payable to cooperative banks. The Court held that Section 41(1) of the Income Tax Act did not apply as no returns were filed earlier, and expenses were not claimed or allowed in previous assessments. Therefore, the Court set aside the Income Tax Appellate Tribunal's decision, emphasizing that Section 41(1) requires an actual allowance or deduction in assessments for the provision to be invoked. en-us Wed, 19 Apr 2023 00:00:00 +0530 Thu, 25 May 2023 17:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438204 The Court allowed the Assessee's appeal, ruling in favor of the cooperative sugar factory under liquidation, regarding the waiver of interest payable to cooperative banks. The Court held that Section 41(1) of the Income Tax Act did not apply as no returns were filed earlier, and expenses were not claimed or allowed in previous assessments. Therefore, the Court set aside the Income Tax Appellate Tribunal's decision, emphasizing that Section 41(1) requires an actual allowance or deduction in assessments for the provision to be invoked. Case-Laws Income Tax Wed, 19 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438204