https://www.taxtmi.com/caselaws?id=243218 The ITAT Delhi upheld the decision of the Ld CIT(A) to delete the disallowance of interest amounting to Rs.11,22,000. The court found that there was no direct nexus between the interest-bearing funds and the purchase of fixed assets, as the assessee had substantial cash available to fund its fixed assets. The ITAT Delhi also determined that the interest on loans taken for capital assets was not warranted based on the specific circumstances of the loans and their utilization. Consequently, the revenue's appeal was dismissed, and the judgment was pronounced on October 25, 2013. en-us Fri, 25 Oct 2013 00:00:00 +0530 Tue, 28 Jan 2014 06:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243218 The ITAT Delhi upheld the decision of the Ld CIT(A) to delete the disallowance of interest amounting to Rs.11,22,000. The court found that there was no direct nexus between the interest-bearing funds and the purchase of fixed assets, as the assessee had substantial cash available to fund its fixed assets. The ITAT Delhi also determined that the interest on loans taken for capital assets was not warranted based on the specific circumstances of the loans and their utilization. Consequently, the revenue's appeal was dismissed, and the judgment was pronounced on October 25, 2013. Case-Laws Income Tax Fri, 25 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243218