https://www.taxtmi.com/caselaws?id=269865 The Tribunal dismissed the Assessee's appeal, upholding the disallowance of excess expenditure claimed under section 57(iii) of the Income Tax Act, 1961. The Tribunal determined that the expenditure was aimed at mitigating losses of the borrower-company, not for generating income directly. Emphasizing the purpose of the expenditure and the nature of transactions, the Tribunal concluded that the claim lacked merit as it did not serve the primary goal of earning income. en-us Fri, 20 Nov 2015 00:00:00 +0530 Wed, 23 Dec 2015 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269865 The Tribunal dismissed the Assessee's appeal, upholding the disallowance of excess expenditure claimed under section 57(iii) of the Income Tax Act, 1961. The Tribunal determined that the expenditure was aimed at mitigating losses of the borrower-company, not for generating income directly. Emphasizing the purpose of the expenditure and the nature of transactions, the Tribunal concluded that the claim lacked merit as it did not serve the primary goal of earning income. Case-Laws Income Tax Fri, 20 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269865