https://www.taxtmi.com/caselaws?id=247305 The High Court ruled in favor of the assessee regarding the disallowance of expenditure on lease rental and interest expenditure by the Assessing Officer. The Court found the transactions genuine and justified, holding that the disallowances were not warranted as the assessee had sufficient interest-free funds. Additionally, the Court dismissed the applicability of Section 41(1) to loan reduction, stating that the issue did not raise a substantial question of law and was settled in previous cases, emphasizing the binding nature of prior decisions by Division Benches. The appeal was ultimately dismissed by the Court. en-us Tue, 15 Apr 2014 00:00:00 +0530 Thu, 08 May 2014 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247305 The High Court ruled in favor of the assessee regarding the disallowance of expenditure on lease rental and interest expenditure by the Assessing Officer. The Court found the transactions genuine and justified, holding that the disallowances were not warranted as the assessee had sufficient interest-free funds. Additionally, the Court dismissed the applicability of Section 41(1) to loan reduction, stating that the issue did not raise a substantial question of law and was settled in previous cases, emphasizing the binding nature of prior decisions by Division Benches. The appeal was ultimately dismissed by the Court. Case-Laws Income Tax Tue, 15 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247305