https://www.taxtmi.com/caselaws?id=241338 The Tribunal upheld the allowance of interest paid on capital borrowed for business purposes, rejecting the Revenue's appeal and the taxpayer's cross objection. The judgment relied on previous case law and statutory provisions to determine that interest falls under section 36(1)(iii) of the Income-tax Act and is deductible, not subject to section 37(1) disallowance for illegal purposes. The decision affirmed the CIT(A)'s order, emphasizing the consistent interpretation of tax laws and precedents in allowing interest on capital borrowed for business. en-us Fri, 22 Mar 2013 00:00:00 +0530 Sat, 21 Dec 2013 08:42:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241338 The Tribunal upheld the allowance of interest paid on capital borrowed for business purposes, rejecting the Revenue's appeal and the taxpayer's cross objection. The judgment relied on previous case law and statutory provisions to determine that interest falls under section 36(1)(iii) of the Income-tax Act and is deductible, not subject to section 37(1) disallowance for illegal purposes. The decision affirmed the CIT(A)'s order, emphasizing the consistent interpretation of tax laws and precedents in allowing interest on capital borrowed for business. Case-Laws Income Tax Fri, 22 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241338