https://www.taxtmi.com/caselaws?id=255043 The court upheld the Income Tax Appellate Tribunal's decision regarding the allowance of interest of Rs. 4,22,557 for Assessment Year 1991-92. The court found that the expenses claimed by the private limited company were for business purposes, as per the agreement with the housing society, and not diverted for non-business activities. The Tribunal's decision was supported by the facts and previous case precedents. Therefore, the court dismissed the Tax Appeal, ruling in favor of the assessee. en-us Mon, 10 Nov 2014 00:00:00 +0530 Wed, 07 Jan 2015 06:43:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255043 The court upheld the Income Tax Appellate Tribunal's decision regarding the allowance of interest of Rs. 4,22,557 for Assessment Year 1991-92. The court found that the expenses claimed by the private limited company were for business purposes, as per the agreement with the housing society, and not diverted for non-business activities. The Tribunal's decision was supported by the facts and previous case precedents. Therefore, the court dismissed the Tax Appeal, ruling in favor of the assessee. Case-Laws Income Tax Mon, 10 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255043