https://www.taxtmi.com/caselaws?id=442814 The delay in the appeal was condoned by the tribunal due to valid reasons provided by the assessee, aligning with principles of substantial justice. However, the invocation of Section 263 by the Principal Commissioner of Income Tax was upheld as the Assessing Officer failed to establish the nexus between interest income and expenses, leading to the dismissal of the appeal and a direction to reframe the assessment in accordance with Section 57 of the Income Tax Act. en-us Thu, 07 Sep 2023 00:00:00 +0530 Mon, 11 Sep 2023 09:00:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442814 The delay in the appeal was condoned by the tribunal due to valid reasons provided by the assessee, aligning with principles of substantial justice. However, the invocation of Section 263 by the Principal Commissioner of Income Tax was upheld as the Assessing Officer failed to establish the nexus between interest income and expenses, leading to the dismissal of the appeal and a direction to reframe the assessment in accordance with Section 57 of the Income Tax Act. Case-Laws Income Tax Thu, 07 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442814