https://www.taxtmi.com/caselaws?id=238425 The court upheld the findings of the first appellate authority and tribunal, dismissing the appeal and allowing interest paid to M/s Dharti Investments and Holding Limited as expenditure under Section 36(1)(iii) of the Income Tax Act. The court emphasized that readiness to conduct business activities, such as negotiations and agreements, constitutes setting up a business, supporting the essential nature of the loan for business operations. Additionally, the court affirmed the disallowance of other expenditures like travel and audit fees under Section 37 of the Act, citing lack of merit in the appeal and aligning with tribunal decisions. en-us Tue, 08 Oct 2013 00:00:00 +0530 Thu, 19 Feb 2015 12:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238425 The court upheld the findings of the first appellate authority and tribunal, dismissing the appeal and allowing interest paid to M/s Dharti Investments and Holding Limited as expenditure under Section 36(1)(iii) of the Income Tax Act. The court emphasized that readiness to conduct business activities, such as negotiations and agreements, constitutes setting up a business, supporting the essential nature of the loan for business operations. Additionally, the court affirmed the disallowance of other expenditures like travel and audit fees under Section 37 of the Act, citing lack of merit in the appeal and aligning with tribunal decisions. Case-Laws Income Tax Tue, 08 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238425