https://www.taxtmi.com/caselaws?id=328459 The Tribunal allowed the appeal filed by the assessee company for the assessment year 2008-09, deleting the disallowance of interest expenditure amounting to Rs. 22,23,298. The Tribunal found that the funds were not diverted for non-business purposes, considering the availability of interest-free funds and substantial interest income earned. The Tribunal concluded that no addition or disallowance was warranted, overturning the decisions of the AO and CIT(A). en-us Wed, 11 May 2016 00:00:00 +0530 Sat, 04 Jun 2016 14:26:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328459 The Tribunal allowed the appeal filed by the assessee company for the assessment year 2008-09, deleting the disallowance of interest expenditure amounting to Rs. 22,23,298. The Tribunal found that the funds were not diverted for non-business purposes, considering the availability of interest-free funds and substantial interest income earned. The Tribunal concluded that no addition or disallowance was warranted, overturning the decisions of the AO and CIT(A). Case-Laws Income Tax Wed, 11 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328459