https://www.taxtmi.com/caselaws?id=71778 The Tribunal dismissed the Revenue's appeal against the AAC's decision to allow the deduction of interest under s. 24(1)(vi) of the IT Act, 1961. The Tribunal found that the interest payment of Rs. 22,436 was related to loan repayment, emphasizing the pattern of the assessee's loan utilization primarily for repaying old loans. Legal precedents supported the Tribunal's decision, highlighting the necessity of concrete evidence to disallow interest deductions. The lack of evidence disproving the assessee's claim led to the rejection of the Revenue's contentions, ultimately affirming the allowance of the interest deduction. en-us Fri, 03 Jan 1986 00:00:00 +0530 Wed, 27 Apr 2011 10:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71778 The Tribunal dismissed the Revenue's appeal against the AAC's decision to allow the deduction of interest under s. 24(1)(vi) of the IT Act, 1961. The Tribunal found that the interest payment of Rs. 22,436 was related to loan repayment, emphasizing the pattern of the assessee's loan utilization primarily for repaying old loans. Legal precedents supported the Tribunal's decision, highlighting the necessity of concrete evidence to disallow interest deductions. The lack of evidence disproving the assessee's claim led to the rejection of the Revenue's contentions, ultimately affirming the allowance of the interest deduction. Case-Laws Income Tax Fri, 03 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71778