https://www.taxtmi.com/caselaws?id=237161 The ITAT dismissed Revenue's appeals and upheld CIT(A) decisions to delete interest disallowances. It found no evidence supporting claims of illegal business operations or improper use of borrowed funds, aligning with previous decisions emphasizing the legitimate nature of the assessee's operations. The ITAT rejected Revenue's arguments of separate legal and illegal businesses due to lack of evidence, maintaining that the borrowed funds were utilized for legitimate business purposes, leading to the dismissal of the appeals. en-us Fri, 07 Jan 2011 00:00:00 +0530 Fri, 20 Sep 2013 07:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237161 The ITAT dismissed Revenue's appeals and upheld CIT(A) decisions to delete interest disallowances. It found no evidence supporting claims of illegal business operations or improper use of borrowed funds, aligning with previous decisions emphasizing the legitimate nature of the assessee's operations. The ITAT rejected Revenue's arguments of separate legal and illegal businesses due to lack of evidence, maintaining that the borrowed funds were utilized for legitimate business purposes, leading to the dismissal of the appeals. Case-Laws Income Tax Fri, 07 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237161