https://www.taxtmi.com/caselaws?id=240873 The ITAT allowed the appeal for A.Y. 2007-08 and 2008-09, overturning the disallowance of interest expenses on unsecured loans used for the purchase of Tenancy Development Rights. The loans were found to be used for business-related purposes, specifically to repay earlier borrowings, as accepted by the ITAT based on CBDT Circular No. 28. As a result, interest expenses totaling Rs. 85,17,298 were allowed for both assessment years. en-us Fri, 08 Feb 2013 00:00:00 +0530 Fri, 13 Dec 2013 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240873 The ITAT allowed the appeal for A.Y. 2007-08 and 2008-09, overturning the disallowance of interest expenses on unsecured loans used for the purchase of Tenancy Development Rights. The loans were found to be used for business-related purposes, specifically to repay earlier borrowings, as accepted by the ITAT based on CBDT Circular No. 28. As a result, interest expenses totaling Rs. 85,17,298 were allowed for both assessment years. Case-Laws Income Tax Fri, 08 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240873