https://www.taxtmi.com/caselaws?id=178275 The Tribunal ruled in favor of the appellant, overturning the decision of the Commissioner of Income Tax (Appeals) to disallow interest under section 36(1)(i) of the IT Act for the assessment year 2006-07. The Tribunal found that the appellant had used its own funds, including capital, reserves, specific loans, and interest-free borrowings, to make payments for the acquisition of new premises, without relying on borrowed funds. As previous similar payments had not faced interest disallowance and the current year's payment was explainable from the appellant's resources, the Tribunal concluded that the interest disallowance was unwarranted. en-us Wed, 25 Jan 2012 00:00:00 +0530 Mon, 14 Aug 2017 19:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178275 The Tribunal ruled in favor of the appellant, overturning the decision of the Commissioner of Income Tax (Appeals) to disallow interest under section 36(1)(i) of the IT Act for the assessment year 2006-07. The Tribunal found that the appellant had used its own funds, including capital, reserves, specific loans, and interest-free borrowings, to make payments for the acquisition of new premises, without relying on borrowed funds. As previous similar payments had not faced interest disallowance and the current year's payment was explainable from the appellant's resources, the Tribunal concluded that the interest disallowance was unwarranted. Case-Laws Income Tax Wed, 25 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178275