https://www.taxtmi.com/caselaws?id=327013 The Tribunal overturned the disallowance of interest payments on loans amounting to Rs. 48,85,314/- by finding that the borrowed funds were indeed used for business purposes. The Tribunal emphasized that the revenue authorities failed to establish a nexus between the interest paid on loans and the investments made in partnership firms. Citing relevant judicial precedents, the Tribunal held that the expenditure was incurred for commercial expediency and in line with prudent business practices. As a result, the appeal of the assessee was allowed, and the decision was rendered on 18/03/2016. en-us Fri, 18 Mar 2016 00:00:00 +0530 Sat, 30 Apr 2016 11:22:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327013 The Tribunal overturned the disallowance of interest payments on loans amounting to Rs. 48,85,314/- by finding that the borrowed funds were indeed used for business purposes. The Tribunal emphasized that the revenue authorities failed to establish a nexus between the interest paid on loans and the investments made in partnership firms. Citing relevant judicial precedents, the Tribunal held that the expenditure was incurred for commercial expediency and in line with prudent business practices. As a result, the appeal of the assessee was allowed, and the decision was rendered on 18/03/2016. Case-Laws Income Tax Fri, 18 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327013