https://www.taxtmi.com/caselaws?id=58153 The Tribunal held in favor of the assessee in the case. The assessment of income from Shree Madhu Industrial Estate (P) Ltd. was modified to treat it as income from house property, considering the practical ownership rights. The disallowance of interest paid for delayed tax under sections 220(2) & 217(1A) to the Government of India was overturned, allowing it as a deduction. However, the disallowance of interest paid to M/s Textile Processing Corporation was upheld due to lack of evidence to challenge the ITO's decision. en-us Wed, 30 Nov 1983 00:00:00 +0530 Fri, 17 Dec 2010 16:15:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58153 The Tribunal held in favor of the assessee in the case. The assessment of income from Shree Madhu Industrial Estate (P) Ltd. was modified to treat it as income from house property, considering the practical ownership rights. The disallowance of interest paid for delayed tax under sections 220(2) & 217(1A) to the Government of India was overturned, allowing it as a deduction. However, the disallowance of interest paid to M/s Textile Processing Corporation was upheld due to lack of evidence to challenge the ITO's decision. Case-Laws Income Tax Wed, 30 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58153