https://www.taxtmi.com/caselaws?id=217594 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the disallowance of interest expenditure by the CIT (Appeals). The Tribunal found that the interest payments to loan creditors were not excessive, considering the commercial expediency of placing surplus funds with private parties for higher returns. Additionally, the Tribunal noted the availability of substantial own funds for investments and the absence of evidence suggesting that the loans were funded by interest-bearing funds. Consequently, the appeal and cross-objection were both dismissed. en-us Thu, 19 Jul 2012 00:00:00 +0530 Fri, 19 Oct 2012 14:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217594 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the disallowance of interest expenditure by the CIT (Appeals). The Tribunal found that the interest payments to loan creditors were not excessive, considering the commercial expediency of placing surplus funds with private parties for higher returns. Additionally, the Tribunal noted the availability of substantial own funds for investments and the absence of evidence suggesting that the loans were funded by interest-bearing funds. Consequently, the appeal and cross-objection were both dismissed. Case-Laws Income Tax Thu, 19 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217594