https://www.taxtmi.com/caselaws?id=55759 The Tribunal ruled in favor of the assessee in a tax dispute involving the addition of interest under Section 2(24)(iv) of the IT Act, disallowance of claim of interest under Section 57(iii) of the IT Act, and levy of interest under Section 215 of the IT Act. The Tribunal held that the interest was already included in the price paid for assets, thus canceling the addition of interest. It allowed the deduction of interest under Section 57(iii) as there was a connection between the borrowings and investments. Additionally, the Tribunal found that the assessee could not have foreseen the additions, leading to the cancellation of the interest levy under Section 215. en-us Tue, 10 Feb 1987 00:00:00 +0530 Sun, 06 Feb 2011 03:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55759 The Tribunal ruled in favor of the assessee in a tax dispute involving the addition of interest under Section 2(24)(iv) of the IT Act, disallowance of claim of interest under Section 57(iii) of the IT Act, and levy of interest under Section 215 of the IT Act. The Tribunal held that the interest was already included in the price paid for assets, thus canceling the addition of interest. It allowed the deduction of interest under Section 57(iii) as there was a connection between the borrowings and investments. Additionally, the Tribunal found that the assessee could not have foreseen the additions, leading to the cancellation of the interest levy under Section 215. Case-Laws Income Tax Tue, 10 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55759