https://www.taxtmi.com/caselaws?id=184161 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal and affirming the deletion of the disallowance of interest on a loan for purchasing office premises. The borrowing was deemed legitimate for business purposes, despite the project's abandonment, and the location of the premises in a residential apartment was justified for business expansion. The Tribunal found no evidence of diversion of loan funds and rejected speculation on the purpose of the property purchase, concluding that there was no collusion or profit manipulation. en-us Fri, 06 Oct 2006 00:00:00 +0530 Thu, 30 Jun 2016 18:29:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184161 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal and affirming the deletion of the disallowance of interest on a loan for purchasing office premises. The borrowing was deemed legitimate for business purposes, despite the project's abandonment, and the location of the premises in a residential apartment was justified for business expansion. The Tribunal found no evidence of diversion of loan funds and rejected speculation on the purpose of the property purchase, concluding that there was no collusion or profit manipulation. Case-Laws Income Tax Fri, 06 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184161