https://www.taxtmi.com/caselaws?id=271696 The Tribunal upheld the Commissioner of Income-tax (Appeals)' decision that interest expenses were revenue in nature and allowable under section 36(1)(iii) of the Income-tax Act, 1961. The Tribunal found that the assessee's strategic investments constituted business activities, and the interest paid on borrowed capital for such investments was a business expenditure. The Tribunal rejected the Assessing Officer's argument that the interest expenses were capital in nature and that the assessee had not engaged in any business activity during the year. en-us Mon, 11 Jan 2016 00:00:00 +0530 Sat, 13 Feb 2016 10:06:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271696 The Tribunal upheld the Commissioner of Income-tax (Appeals)' decision that interest expenses were revenue in nature and allowable under section 36(1)(iii) of the Income-tax Act, 1961. The Tribunal found that the assessee's strategic investments constituted business activities, and the interest paid on borrowed capital for such investments was a business expenditure. The Tribunal rejected the Assessing Officer's argument that the interest expenses were capital in nature and that the assessee had not engaged in any business activity during the year. Case-Laws Income Tax Mon, 11 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271696