https://www.taxtmi.com/caselaws?id=329331 The court upheld the deletion of additions of interest paid on nonconvertible debentures for the assessment years 1996-97 and 1997-98, citing that the interest was deductible as a necessary expenditure for business purposes under Section 36(1)(iii) of the Income Tax Act, 1961. The court relied on legal precedents and concluded in favor of the assessee, dismissing the appeals brought by the revenue department. en-us Tue, 21 Jun 2016 00:00:00 +0530 Wed, 29 Jun 2016 20:41:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329331 The court upheld the deletion of additions of interest paid on nonconvertible debentures for the assessment years 1996-97 and 1997-98, citing that the interest was deductible as a necessary expenditure for business purposes under Section 36(1)(iii) of the Income Tax Act, 1961. The court relied on legal precedents and concluded in favor of the assessee, dismissing the appeals brought by the revenue department. Case-Laws Income Tax Tue, 21 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329331