https://www.taxtmi.com/caselaws?id=63731 The ITAT upheld the CIT(A) decision to delete the disallowance of interest paid by the assessee company to the bank. It was found that the assessee did not undertake any new construction project but was engaged in money lending activities with sister concerns. Therefore, the interest paid was considered allowable as a deduction, and the appeal by the Revenue was dismissed. en-us Mon, 27 Mar 1989 00:00:00 +0530 Tue, 01 Feb 2011 15:37:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63731 The ITAT upheld the CIT(A) decision to delete the disallowance of interest paid by the assessee company to the bank. It was found that the assessee did not undertake any new construction project but was engaged in money lending activities with sister concerns. Therefore, the interest paid was considered allowable as a deduction, and the appeal by the Revenue was dismissed. Case-Laws Income Tax Mon, 27 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63731