https://www.taxtmi.com/caselaws?id=255224 The High Court ruled in favor of the assessee, overturning the Tribunal's decisions to disallow interest expenses in Tax Appeals related to assessment years 1991-92, 1995-96, and 2001-02. The Court applied the Supreme Court's decision that allowed the deduction of interest paid on borrowed capital for business purposes under Section 36(1)(iii) of the Income Tax Act. The Special Leave Petition to the Supreme Court was dismissed, confirming the applicability of the Supreme Court's ruling. As a result, the High Court allowed the appeals and ruled in favor of the assessee, emphasizing that the issue was settled by the Apex Court's decision. en-us Thu, 18 Dec 2014 00:00:00 +0530 Mon, 12 Jan 2015 08:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255224 The High Court ruled in favor of the assessee, overturning the Tribunal's decisions to disallow interest expenses in Tax Appeals related to assessment years 1991-92, 1995-96, and 2001-02. The Court applied the Supreme Court's decision that allowed the deduction of interest paid on borrowed capital for business purposes under Section 36(1)(iii) of the Income Tax Act. The Special Leave Petition to the Supreme Court was dismissed, confirming the applicability of the Supreme Court's ruling. As a result, the High Court allowed the appeals and ruled in favor of the assessee, emphasizing that the issue was settled by the Apex Court's decision. Case-Laws Income Tax Thu, 18 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255224