https://www.taxtmi.com/caselaws?id=55421 The appeal in this case involved two main issues: the disallowance of interest under section 40A(8) of the Income Tax Act and the levy of interest under section 139(8) of the Act. The Appellate Tribunal ruled in favor of the appellant on both grounds. Regarding the disallowance of interest under section 40A(8), the Tribunal held that the deposits from agents were not subject to disallowance, as they were part of ongoing business transactions and did not fall under the definition of "deposit." Concerning the levy of interest under section 139(8), the Tribunal directed the Commissioner of Income Tax (Appeals) to reconsider the appellant's claim, recognizing the appellant's right to challenge the imposition of penal interest. en-us Fri, 08 Jun 1984 00:00:00 +0530 Sat, 27 Nov 2010 10:07:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55421 The appeal in this case involved two main issues: the disallowance of interest under section 40A(8) of the Income Tax Act and the levy of interest under section 139(8) of the Act. The Appellate Tribunal ruled in favor of the appellant on both grounds. Regarding the disallowance of interest under section 40A(8), the Tribunal held that the deposits from agents were not subject to disallowance, as they were part of ongoing business transactions and did not fall under the definition of "deposit." Concerning the levy of interest under section 139(8), the Tribunal directed the Commissioner of Income Tax (Appeals) to reconsider the appellant's claim, recognizing the appellant's right to challenge the imposition of penal interest. Case-Laws Income Tax Fri, 08 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55421