https://www.taxtmi.com/caselaws?id=256996 The High Court allowed the appeals, setting aside the Tribunal's orders to the extent of disallowing the interest deduction under Section 57(iii) of the Income Tax Act, 1961. The Court held that the appellant was entitled to the deduction as the transaction was genuine and aimed at earning income. It emphasized that the Revenue's approach of dissecting the transaction was incorrect and that the entire transaction should be considered as a whole. The Court referenced legal principles and judgments to support its decision. en-us Wed, 28 Jan 2015 00:00:00 +0530 Mon, 28 Dec 2015 16:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256996 The High Court allowed the appeals, setting aside the Tribunal's orders to the extent of disallowing the interest deduction under Section 57(iii) of the Income Tax Act, 1961. The Court held that the appellant was entitled to the deduction as the transaction was genuine and aimed at earning income. It emphasized that the Revenue's approach of dissecting the transaction was incorrect and that the entire transaction should be considered as a whole. The Court referenced legal principles and judgments to support its decision. Case-Laws Income Tax Wed, 28 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256996