https://www.taxtmi.com/caselaws?id=269920 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) to delete the addition of Rs. 17,45,918 made under section 36(1)(iii) of the Income Tax Act. The Tribunal found that the Assessing Officer wrongly disallowed interest expenses, as the repairs and replacements made were necessary for the existing business and did not constitute an extension. The Tribunal emphasized that the proviso to sec. 36(1)(iii) did not apply since there was no acquisition of assets for business extension. Consequently, the Tribunal dismissed the appeal without costs. en-us Thu, 15 Oct 2015 00:00:00 +0530 Thu, 24 Dec 2015 10:10:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269920 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) to delete the addition of Rs. 17,45,918 made under section 36(1)(iii) of the Income Tax Act. The Tribunal found that the Assessing Officer wrongly disallowed interest expenses, as the repairs and replacements made were necessary for the existing business and did not constitute an extension. The Tribunal emphasized that the proviso to sec. 36(1)(iii) did not apply since there was no acquisition of assets for business extension. Consequently, the Tribunal dismissed the appeal without costs. Case-Laws Income Tax Thu, 15 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269920