https://www.taxtmi.com/caselaws?id=234362 The tribunal confirmed the CIT(A)'s order disallowing the disallowance of interest paid on a deposit made outside the books of account. The tribunal held that the interest paid on capital borrowed falls under section 36(1)(iii) of the Act and is not prohibited by law, making it deductible as expenditure for business purposes under section 37(1) of the Income-tax Act. The tribunal distinguished previous judgments and dismissed the revenue's appeal and the taxpayer's cross objection. en-us Fri, 22 Mar 2013 00:00:00 +0530 Sat, 23 Jul 2016 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234362 The tribunal confirmed the CIT(A)'s order disallowing the disallowance of interest paid on a deposit made outside the books of account. The tribunal held that the interest paid on capital borrowed falls under section 36(1)(iii) of the Act and is not prohibited by law, making it deductible as expenditure for business purposes under section 37(1) of the Income-tax Act. The tribunal distinguished previous judgments and dismissed the revenue's appeal and the taxpayer's cross objection. Case-Laws Income Tax Fri, 22 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234362