https://www.taxtmi.com/caselaws?id=67946 The Tribunal ruled in favor of the assessee in the case, overturning the disallowance of interest as income and the denial of interest under section 214 of the IT Act, 1961. The Tribunal held that the borrowed funds were indeed used for business purposes, resulting in the deletion of interest disallowance for both assessment years. Additionally, the Tribunal directed the ITO to grant interest on the tax refunded to the assessee, stating that interest should be paid when the government benefits from the amount during the accounting year. en-us Thu, 13 Nov 1986 00:00:00 +0530 Tue, 15 Mar 2011 17:59:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67946 The Tribunal ruled in favor of the assessee in the case, overturning the disallowance of interest as income and the denial of interest under section 214 of the IT Act, 1961. The Tribunal held that the borrowed funds were indeed used for business purposes, resulting in the deletion of interest disallowance for both assessment years. Additionally, the Tribunal directed the ITO to grant interest on the tax refunded to the assessee, stating that interest should be paid when the government benefits from the amount during the accounting year. Case-Laws Income Tax Thu, 13 Nov 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67946