https://www.taxtmi.com/caselaws?id=237165 The Tribunal upheld the CIT(A)'s decision, confirming that the Assessee's maintenance of cash balances for business operations justified the interest expenditure. It was concluded that the borrowed funds were used for business purposes, and thus, the disallowance of interest expenditure was unwarranted. The Tribunal dismissed the Revenue's appeals, affirming the deletion of the addition. en-us Thu, 31 May 2012 00:00:00 +0530 Fri, 20 Sep 2013 07:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237165 The Tribunal upheld the CIT(A)'s decision, confirming that the Assessee's maintenance of cash balances for business operations justified the interest expenditure. It was concluded that the borrowed funds were used for business purposes, and thus, the disallowance of interest expenditure was unwarranted. The Tribunal dismissed the Revenue's appeals, affirming the deletion of the addition. Case-Laws Income Tax Thu, 31 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237165