https://www.taxtmi.com/caselaws?id=265814 The High Court upheld the Tribunal's decision to disallow the claim of interest deduction under section 36(1)(iii) of the Income Tax Act, 1961 for the assessment year 1998-99. The appellant, a film production company, failed to provide sufficient evidence demonstrating the property's use for business purposes, as required for the deduction. Despite submitting documents to the Assessing Officer, the appellant could not substantiate business use with concrete evidence like insurance policies or trade licenses. The Court, relying on precedent, affirmed the Tribunal's decision, favoring the revenue and dismissing the appeal. en-us Tue, 15 Sep 2015 00:00:00 +0530 Fri, 16 Oct 2015 06:18:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265814 The High Court upheld the Tribunal's decision to disallow the claim of interest deduction under section 36(1)(iii) of the Income Tax Act, 1961 for the assessment year 1998-99. The appellant, a film production company, failed to provide sufficient evidence demonstrating the property's use for business purposes, as required for the deduction. Despite submitting documents to the Assessing Officer, the appellant could not substantiate business use with concrete evidence like insurance policies or trade licenses. The Court, relying on precedent, affirmed the Tribunal's decision, favoring the revenue and dismissing the appeal. Case-Laws Income Tax Tue, 15 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265814