https://www.taxtmi.com/caselaws?id=243060 The ITAT Mumbai dismissed the department's appeal and partially allowed the assessee's appeal for the assessment year 2003-04. It held that the interest paid by the assessee was for commercial purposes and allowed deductions based on loan utilization for business activities. The disallowances on loans used for business purposes were deleted, and interest disallowed by the AO on funds used for non-business purposes was also deleted. The judgment favored the assessee, emphasizing the commercial nature of the transactions. en-us Wed, 24 Jul 2013 00:00:00 +0530 Sat, 25 Jan 2014 18:17:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243060 The ITAT Mumbai dismissed the department's appeal and partially allowed the assessee's appeal for the assessment year 2003-04. It held that the interest paid by the assessee was for commercial purposes and allowed deductions based on loan utilization for business activities. The disallowances on loans used for business purposes were deleted, and interest disallowed by the AO on funds used for non-business purposes was also deleted. The judgment favored the assessee, emphasizing the commercial nature of the transactions. Case-Laws Income Tax Wed, 24 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243060