https://www.taxtmi.com/caselaws?id=754760 The ITAT allowed the assessee's appeal, overturning the disallowance of the deduction under Section 57(iii) of the Income-tax Act, 1961. The Tribunal found the interest income and expenses were correctly reported at a 12% rate, contrary to the Assessing Officer's 15% assumption. Consequently, the addition of Rs. 9,35,523 was deleted, affirming the assessee's accurate calculation of interest income and expenses. The appeal against the Additional CIT (Appeals) order was successful, underscoring the Tribunal's role in rectifying assessment errors. en-us Thu, 27 Jun 2024 00:00:00 +0530 Sat, 29 Jun 2024 09:02:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754760 The ITAT allowed the assessee's appeal, overturning the disallowance of the deduction under Section 57(iii) of the Income-tax Act, 1961. The Tribunal found the interest income and expenses were correctly reported at a 12% rate, contrary to the Assessing Officer's 15% assumption. Consequently, the addition of Rs. 9,35,523 was deleted, affirming the assessee's accurate calculation of interest income and expenses. The appeal against the Additional CIT (Appeals) order was successful, underscoring the Tribunal's role in rectifying assessment errors. Case-Laws Income Tax Thu, 27 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754760