https://www.taxtmi.com/caselaws?id=313461 The Tribunal upheld the AO's decision, dismissing the assessee's appeal and partially allowing the Revenue's appeal. It concurred with the AO that the assessee had already benefited from the waived bank interest by recording it in the profit and loss account. The Tribunal found that allowing the interest component would contradict IT Act provisions, particularly given the assessee's belated filing of returns, which precluded the carry-forward of losses. Thus, the Tribunal supported the Revenue's interpretation of Sec 41(1) of the IT Act, affirming the disallowance of the interest deduction in the assessment for AY 2003-04. en-us Thu, 29 Dec 2011 00:00:00 +0530 Tue, 16 Apr 2024 17:27:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313461 The Tribunal upheld the AO's decision, dismissing the assessee's appeal and partially allowing the Revenue's appeal. It concurred with the AO that the assessee had already benefited from the waived bank interest by recording it in the profit and loss account. The Tribunal found that allowing the interest component would contradict IT Act provisions, particularly given the assessee's belated filing of returns, which precluded the carry-forward of losses. Thus, the Tribunal supported the Revenue's interpretation of Sec 41(1) of the IT Act, affirming the disallowance of the interest deduction in the assessment for AY 2003-04. Case-Laws Income Tax Thu, 29 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313461