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of <h1>Interest on Business Loans Deductible under Income Tax Act</h1> <h3>Commissioner of Income Tax Versus K.B. India (P.) Ltd.</h3> The interest paid on borrowed funds for business purposes was deemed a legitimate deduction under section 36 of the Income Tax Act, 1961. The higher ... - The respondent-assessee borrowed funds for business purposes, paid interest, and claimed it as a business expenditure. The Assessing Officer disallowed the claim, but it was later allowed by higher authorities. The interest paid on the borrowed funds was considered a legitimate deduction under section 36 of the Income Tax Act, 1961. The appeal was dismissed as no question of law arose.
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