https://www.taxtmi.com/caselaws?id=443213 The Tribunal allowed the Revenue's Miscellaneous Application, recalling its order dismissing the appeal due to low tax effect. Reassessment proceedings initiated based on audit objections were deemed invalid, leading to their quashing. Disallowance of interest on borrowed funds was overturned, as advances to sister concerns were found to be on commercial grounds. Ultimately, the Revenue's appeal was dismissed, and the assessee's appeal was allowed. en-us Wed, 30 Aug 2023 00:00:00 +0530 Mon, 18 Sep 2023 15:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443213 The Tribunal allowed the Revenue's Miscellaneous Application, recalling its order dismissing the appeal due to low tax effect. Reassessment proceedings initiated based on audit objections were deemed invalid, leading to their quashing. Disallowance of interest on borrowed funds was overturned, as advances to sister concerns were found to be on commercial grounds. Ultimately, the Revenue's appeal was dismissed, and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 30 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443213