https://www.taxtmi.com/caselaws?id=779842 ITAT upheld the CIT(A)'s findings that the s.148 notice issued from the address on record, returned with the remark "guard refused to take," could not be treated as properly served absent specific reasons and procedural steps by the AO. On merits, the Tribunal agreed that although most borrowings were used in the business, the assessee had substantial interest-free funds and large net current assets; therefore the CIT(A)'s disallowance of interest was reasonable. The revenue's appeal was dismissed. en-us Wed, 22 Jan 2025 00:00:00 +0530 Tue, 14 Oct 2025 09:39:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779842 ITAT upheld the CIT(A)'s findings that the s.148 notice issued from the address on record, returned with the remark "guard refused to take," could not be treated as properly served absent specific reasons and procedural steps by the AO. On merits, the Tribunal agreed that although most borrowings were used in the business, the assessee had substantial interest-free funds and large net current assets; therefore the CIT(A)'s disallowance of interest was reasonable. The revenue's appeal was dismissed. Case-Laws Income Tax Wed, 22 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779842