https://www.taxtmi.com/caselaws?id=271927 The High Court upheld the Assessing Officer's disallowance of the interest component claimed by the assessee under Section 36(1)(iii) of the Income Tax Act. The Court found that the Tribunal erred in its interpretation of the "for the purpose of business" principle and failed to establish business expediency in the lending transactions. Additionally, the Tribunal incorrectly applied Section 40A(2) principles. The High Court ruled in favor of the revenue authorities, reversing the Tribunal's decision and disposing of the appeal accordingly. en-us Mon, 15 Feb 2016 00:00:00 +0530 Mon, 22 Feb 2016 09:49:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271927 The High Court upheld the Assessing Officer's disallowance of the interest component claimed by the assessee under Section 36(1)(iii) of the Income Tax Act. The Court found that the Tribunal erred in its interpretation of the "for the purpose of business" principle and failed to establish business expediency in the lending transactions. Additionally, the Tribunal incorrectly applied Section 40A(2) principles. The High Court ruled in favor of the revenue authorities, reversing the Tribunal's decision and disposing of the appeal accordingly. Case-Laws Income Tax Mon, 15 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271927