https://www.taxtmi.com/caselaws?id=267590 The High Court upheld the decision of the Income-tax Appellate Tribunal for the assessment year 2003-04, ruling in favor of the assessee. The court found that the estimation of disallowance based on the proportion of borrowed funds was unwarranted. It held that no interest expenditure could be allocated to tax-free income from bonds. The High Court concluded that no substantial questions of law arose, as the issues were settled in favor of the assessee. The appeal by the Revenue was dismissed with no costs incurred. en-us Wed, 08 Apr 2015 00:00:00 +0530 Mon, 09 Nov 2015 16:29:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267590 The High Court upheld the decision of the Income-tax Appellate Tribunal for the assessment year 2003-04, ruling in favor of the assessee. The court found that the estimation of disallowance based on the proportion of borrowed funds was unwarranted. It held that no interest expenditure could be allocated to tax-free income from bonds. The High Court concluded that no substantial questions of law arose, as the issues were settled in favor of the assessee. The appeal by the Revenue was dismissed with no costs incurred. Case-Laws Income Tax Wed, 08 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267590