https://www.taxtmi.com/caselaws?id=799047 Interest on bank overdraft funds advanced for a proposed business land acquisition may retain revenue character where the acquisition is abandoned and the advance is refunded before any asset comes into existence. The deductibility of such expenditure is at least legally supportable and debatable; disallowance in quantum assessment alone does not establish concealment of income or furnishing inaccurate particulars. Accordingly, a revenue-expenditure claim of this nature, when not outrightly unsustainable, does not justify concealment penalty under Section 271(1)(c). en-us Mon, 14 Sep 2026 00:00:00 +0530 Wed, 16 Sep 2026 08:38:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799047 Interest on bank overdraft funds advanced for a proposed business land acquisition may retain revenue character where the acquisition is abandoned and the advance is refunded before any asset comes into existence. The deductibility of such expenditure is at least legally supportable and debatable; disallowance in quantum assessment alone does not establish concealment of income or furnishing inaccurate particulars. Accordingly, a revenue-expenditure claim of this nature, when not outrightly unsustainable, does not justify concealment penalty under Section 271(1)(c). Case-Laws Income Tax Mon, 14 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799047