https://www.taxtmi.com/caselaws?id=244766 The Court upheld the ITAT's decision in the Revenue's appeal against the assessment year 2007-08. The Revenue disputed the treatment of interest paid as business expenditure, arguing the assessee did not conduct business that year. However, the Court agreed with the ITAT that the business had commenced in 1994-95, supporting the interest payment as a legitimate business expense. The Court found no substantial question of law and dismissed the appeal, emphasizing the business had indeed started in the relevant year, justifying the treatment of expenses as business expenditures. en-us Fri, 28 Feb 2014 00:00:00 +0530 Wed, 20 Aug 2014 18:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244766 The Court upheld the ITAT's decision in the Revenue's appeal against the assessment year 2007-08. The Revenue disputed the treatment of interest paid as business expenditure, arguing the assessee did not conduct business that year. However, the Court agreed with the ITAT that the business had commenced in 1994-95, supporting the interest payment as a legitimate business expense. The Court found no substantial question of law and dismissed the appeal, emphasizing the business had indeed started in the relevant year, justifying the treatment of expenses as business expenditures. Case-Laws Income Tax Fri, 28 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244766