https://www.taxtmi.com/caselaws?id=254379 The Court upheld the Tribunal's decision to confirm the CIT(A)'s order regarding interest payments made by the assessee, ruling in favor of the respondent-assessee and against the appellant-revenue. The Court found that the interest expenditure was allowable under Section 37(1) as part of the costs of purchasing shares, not covered by Section 36(1)(iii). Therefore, the disallowance of interest expenditure by the AO was deemed unlawful, leading to the dismissal of the appeal as meritless and without costs. en-us Fri, 14 Nov 2014 00:00:00 +0530 Sat, 20 Dec 2014 06:26:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254379 The Court upheld the Tribunal's decision to confirm the CIT(A)'s order regarding interest payments made by the assessee, ruling in favor of the respondent-assessee and against the appellant-revenue. The Court found that the interest expenditure was allowable under Section 37(1) as part of the costs of purchasing shares, not covered by Section 36(1)(iii). Therefore, the disallowance of interest expenditure by the AO was deemed unlawful, leading to the dismissal of the appeal as meritless and without costs. Case-Laws Income Tax Fri, 14 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254379