https://www.taxtmi.com/caselaws?id=120601 The Tribunal upheld the CIT(A)'s decision to disallow the interest of Rs. 1,12,38,446 claimed by the assessee as business expenditure. The Tribunal ruled that the investments were not made with a commercial motive and did not qualify for interest deduction under section 36(1)(iii). Additionally, it was held that under section 14A, any expenditure related to exempt income, such as dividend income, is not allowable as a deduction. The Tribunal dismissed the appeal and concluded that the interest on borrowings used for investments in shares could not be considered as business expenditure. en-us Fri, 29 Feb 2008 00:00:00 +0530 Sat, 21 Jul 2012 17:03:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120601 The Tribunal upheld the CIT(A)'s decision to disallow the interest of Rs. 1,12,38,446 claimed by the assessee as business expenditure. The Tribunal ruled that the investments were not made with a commercial motive and did not qualify for interest deduction under section 36(1)(iii). Additionally, it was held that under section 14A, any expenditure related to exempt income, such as dividend income, is not allowable as a deduction. The Tribunal dismissed the appeal and concluded that the interest on borrowings used for investments in shares could not be considered as business expenditure. Case-Laws Income Tax Fri, 29 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120601