https://www.taxtmi.com/caselaws?id=254725 The High Court upheld the ITAT decision to delete the addition of interest under Section 36(1)(iii) of the Income Tax Act. The Court found that the borrowed funds were used for business activities, resulting in profits, meeting the criteria for interest deduction. It concluded that the interest deduction was allowable as the transactions were genuine with no malafide intention. The Court dismissed the revenue's appeal, ruling in favor of the assessee. en-us Wed, 26 Nov 2014 00:00:00 +0530 Mon, 29 Dec 2014 16:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254725 The High Court upheld the ITAT decision to delete the addition of interest under Section 36(1)(iii) of the Income Tax Act. The Court found that the borrowed funds were used for business activities, resulting in profits, meeting the criteria for interest deduction. It concluded that the interest deduction was allowable as the transactions were genuine with no malafide intention. The Court dismissed the revenue's appeal, ruling in favor of the assessee. Case-Laws Income Tax Wed, 26 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254725