https://www.taxtmi.com/caselaws?id=183445 The Tribunal allowed the appeal, reversing the Assessing Officer's decision to disallow interest under section 36(1)(iii) of the Income Tax Act. It held that the borrowed funds were used for business purposes and that the interest claim was legitimate. Regarding the non-deduction of TDS, the Tribunal found that the second proviso to section 40(a)(ia) should be applied retrospectively, aligning with the prevention of double taxation principle. The issue was remitted back to the AO for further verification, and the appeal was allowed for statistical purposes. en-us Fri, 05 Jun 2015 00:00:00 +0530 Tue, 03 Jan 2017 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183445 The Tribunal allowed the appeal, reversing the Assessing Officer's decision to disallow interest under section 36(1)(iii) of the Income Tax Act. It held that the borrowed funds were used for business purposes and that the interest claim was legitimate. Regarding the non-deduction of TDS, the Tribunal found that the second proviso to section 40(a)(ia) should be applied retrospectively, aligning with the prevention of double taxation principle. The issue was remitted back to the AO for further verification, and the appeal was allowed for statistical purposes. Case-Laws Income Tax Fri, 05 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183445