https://www.taxtmi.com/caselaws?id=55106 The Tribunal allowed the appeals partially for the assessment years 1975-76 and 1978-79, and fully for the assessment years 1976-77 and 1977-78. The Tribunal directed the Income Tax Officer to delete the addition of Rs. 1,25,000 under Section 68 and allow the deduction of interest paid to creditors for all years under appeal. Penalty proceedings initiated under Section 271(1)(C) for the assessment year 1975-76 were dropped by the ITO. Other grounds raised by the assessee for the assessment years 1975-76 and 1978-79 were rejected by the Tribunal. en-us Wed, 05 Feb 1986 00:00:00 +0530 Wed, 24 Nov 2010 11:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55106 The Tribunal allowed the appeals partially for the assessment years 1975-76 and 1978-79, and fully for the assessment years 1976-77 and 1977-78. The Tribunal directed the Income Tax Officer to delete the addition of Rs. 1,25,000 under Section 68 and allow the deduction of interest paid to creditors for all years under appeal. Penalty proceedings initiated under Section 271(1)(C) for the assessment year 1975-76 were dropped by the ITO. Other grounds raised by the assessee for the assessment years 1975-76 and 1978-79 were rejected by the Tribunal. Case-Laws Income Tax Wed, 05 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55106