https://www.taxtmi.com/caselaws?id=55972 The Tribunal partially allowed the assessee's appeals regarding the levy of additional tax under Section 104 of the IT Act, 1961. It held that commutation charges should be deducted for computing distributable income, interest payable under the IT Act was not allowable, and interest income should be taxed on an accrual basis. The Tribunal also allowed the carry forward of unabsorbed commutation charges for subsequent years. Regarding the penalty under Section 271(1)(c) for the assessment year 1978-79, the Tribunal upheld the CIT(A)'s decision to cancel the penalty, as there was no intent to conceal income. en-us Tue, 28 Jun 1994 00:00:00 +0530 Tue, 30 Nov 2010 18:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55972 The Tribunal partially allowed the assessee's appeals regarding the levy of additional tax under Section 104 of the IT Act, 1961. It held that commutation charges should be deducted for computing distributable income, interest payable under the IT Act was not allowable, and interest income should be taxed on an accrual basis. The Tribunal also allowed the carry forward of unabsorbed commutation charges for subsequent years. Regarding the penalty under Section 271(1)(c) for the assessment year 1978-79, the Tribunal upheld the CIT(A)'s decision to cancel the penalty, as there was no intent to conceal income. Case-Laws Income Tax Tue, 28 Jun 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55972