https://www.taxtmi.com/caselaws?id=179011 The High Court upheld the Tribunal's decision, dismissing the appeals and affirming that interest paid at 18% on borrowed funds was reasonable and allowable as a business expenditure under section 36(1)(iii) of the Income Tax Act, 1961. The court recognized the commercial expediency and business necessity behind the borrowing practices and interest rates agreed upon with related parties, finding no legal infirmity or substantial question of law warranting interference. en-us Mon, 01 Sep 2014 00:00:00 +0530 Thu, 18 Feb 2016 07:08:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179011 The High Court upheld the Tribunal's decision, dismissing the appeals and affirming that interest paid at 18% on borrowed funds was reasonable and allowable as a business expenditure under section 36(1)(iii) of the Income Tax Act, 1961. The court recognized the commercial expediency and business necessity behind the borrowing practices and interest rates agreed upon with related parties, finding no legal infirmity or substantial question of law warranting interference. Case-Laws Income Tax Mon, 01 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179011