https://www.taxtmi.com/caselaws?id=181691 The Tribunal allowed the appellant's appeal, rejecting the Revenue's argument for disallowance of interest expenses and upholding the appellant's claim under section 36(1)(iii) of the Income Tax Act. The Tribunal held that the interest expenditure was allowable as it was incurred for business purposes. Consequently, the disallowance of Rs. 6,46,81,280 was deemed unjustified, and the appellant's claim was accepted in full. The Tribunal directed the Assessing Officer to allow the expenditure of Rs. 11,26,17,000 in the appellant's favor, dismissing the Revenue's appeal. en-us Fri, 29 Jan 2016 00:00:00 +0530 Fri, 22 Apr 2016 09:36:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181691 The Tribunal allowed the appellant's appeal, rejecting the Revenue's argument for disallowance of interest expenses and upholding the appellant's claim under section 36(1)(iii) of the Income Tax Act. The Tribunal held that the interest expenditure was allowable as it was incurred for business purposes. Consequently, the disallowance of Rs. 6,46,81,280 was deemed unjustified, and the appellant's claim was accepted in full. The Tribunal directed the Assessing Officer to allow the expenditure of Rs. 11,26,17,000 in the appellant's favor, dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 29 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181691