https://www.taxtmi.com/caselaws?id=270245 The Tribunal upheld the CIT(A)'s decision, allowing the interest expenditure claimed by the assessee under section 57(iii) of the Income-tax Act. The Tribunal emphasized the direct link between the interest paid to the bank and the interest income received from the company, supporting the allowance of the deduction. The decision distinguished previous judgments cited by the Revenue, noting the unique circumstances where the assessee personally undertook the loan liability to aid the company. Ultimately, the Tribunal dismissed the Revenue's appeal, affirming the allowance of the interest expenditure. en-us Fri, 13 Nov 2015 00:00:00 +0530 Fri, 01 Jan 2016 13:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270245 The Tribunal upheld the CIT(A)'s decision, allowing the interest expenditure claimed by the assessee under section 57(iii) of the Income-tax Act. The Tribunal emphasized the direct link between the interest paid to the bank and the interest income received from the company, supporting the allowance of the deduction. The decision distinguished previous judgments cited by the Revenue, noting the unique circumstances where the assessee personally undertook the loan liability to aid the company. Ultimately, the Tribunal dismissed the Revenue's appeal, affirming the allowance of the interest expenditure. Case-Laws Income Tax Fri, 13 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270245