https://www.taxtmi.com/caselaws?id=182254 The Tribunal allowed the appeal, overturning the earlier decision to disallow 25% of the interest claimed by the assessee for A.Y. 2007-08. The Tribunal emphasized that the interest expenditure was incurred wholly and exclusively for business purposes, rejecting the tax authorities' arguments. The decision was based on the S.A. Builders Ltd. case, directing the AO to allow the entire interest claim. The appeal was disposed of ex-parte due to the assessee's absence during the final hearing. en-us Tue, 27 May 2014 00:00:00 +0530 Fri, 06 May 2016 11:48:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182254 The Tribunal allowed the appeal, overturning the earlier decision to disallow 25% of the interest claimed by the assessee for A.Y. 2007-08. The Tribunal emphasized that the interest expenditure was incurred wholly and exclusively for business purposes, rejecting the tax authorities' arguments. The decision was based on the S.A. Builders Ltd. case, directing the AO to allow the entire interest claim. The appeal was disposed of ex-parte due to the assessee's absence during the final hearing. Case-Laws Income Tax Tue, 27 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182254