https://www.taxtmi.com/caselaws?id=178476 The High Court upheld the Tribunal's decision to allow interest on borrowed funds as a deductible expense, dismissing the Tax Appeal. The Court emphasized that exercising powers under section 263 of the Income Tax Act should not be based on mere difference in opinion and cited relevant court decisions to support its ruling. The Court concluded that the Assessing Officer's permissible course or difference in opinion does not render an order erroneous unless legally unsustainable, ultimately affirming the Tribunal's decision. en-us Tue, 09 Aug 2011 00:00:00 +0530 Thu, 30 Mar 2023 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178476 The High Court upheld the Tribunal's decision to allow interest on borrowed funds as a deductible expense, dismissing the Tax Appeal. The Court emphasized that exercising powers under section 263 of the Income Tax Act should not be based on mere difference in opinion and cited relevant court decisions to support its ruling. The Court concluded that the Assessing Officer's permissible course or difference in opinion does not render an order erroneous unless legally unsustainable, ultimately affirming the Tribunal's decision. Case-Laws Income Tax Tue, 09 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178476