https://www.taxtmi.com/caselaws?id=259132 HC largely upheld the ITAT's allowances, deleting disallowances for interest charged to associates, sponsorships, legal fees, club entrance fees, VRS payments, mesne profits and building repairs, finding the Tribunal's reliance on applicable precedents and absence of non-application of mind justified deletion. One issue was remanded: the deletion of proportionate interest under s.36(1)(iii) with respect to tax-free dividend income was set aside because the Tribunal did not find that borrowed funds were not used to earn exempt income; the matter was returned to the assessing officer for fresh determination. en-us Wed, 08 Apr 2015 00:00:00 +0530 Thu, 18 Sep 2025 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259132 HC largely upheld the ITAT's allowances, deleting disallowances for interest charged to associates, sponsorships, legal fees, club entrance fees, VRS payments, mesne profits and building repairs, finding the Tribunal's reliance on applicable precedents and absence of non-application of mind justified deletion. One issue was remanded: the deletion of proportionate interest under s.36(1)(iii) with respect to tax-free dividend income was set aside because the Tribunal did not find that borrowed funds were not used to earn exempt income; the matter was returned to the assessing officer for fresh determination. Case-Laws Income Tax Wed, 08 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259132