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2011 (3) TMI 1357 - HC - Income TaxInterest levied under Section 234A, B and C - retrospective amendment to the Sections justifying the levy, assessment was completed prior to the amendment and none of the authorities had occasion to consider the amendment, we set aside the order of the Tribunal and that of the appellate authority on this issue and remand the matter to the officer to consider the issue with reference to the amended provisions after giving opportunity to the assessee Disallowance of interest on diversion of borrowed funds for non-business purposes - Held that:- counsel for the assessee opposed stating that the Tribunal's findings are sustainable, appeals allowed on this issue also by setting aside the orders of the Tribunal and that of the first appellate authority and remand the matter to the officer to reconsider the disallowance of proportionate interest on borrowed funds diverted for non-business purpose
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