https://www.taxtmi.com/caselaws?id=251371 The court upheld the Tribunal's decision, ruling in favor of the department and against the assessee. The borrowed funds, intended for business, remained idle and were not utilized for business activities, leading to the disallowance of interest payment deduction under Section 36(1) of the Income Tax Act. The court found that the funds were not used for business purposes as required by law, resulting in the dismissal of the appeal and the vacating of an interim order. en-us Wed, 10 Sep 2014 00:00:00 +0530 Fri, 12 Sep 2014 09:58:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251371 The court upheld the Tribunal's decision, ruling in favor of the department and against the assessee. The borrowed funds, intended for business, remained idle and were not utilized for business activities, leading to the disallowance of interest payment deduction under Section 36(1) of the Income Tax Act. The court found that the funds were not used for business purposes as required by law, resulting in the dismissal of the appeal and the vacating of an interim order. Case-Laws Income Tax Wed, 10 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251371