https://www.taxtmi.com/caselaws?id=330493 The High Court upheld the disallowance of interest amounting to Rs. 28,70,608 under Section 36(1)(iii) of the Income Tax Act for the Assessment Year 2009-10. The court ruled in favor of the revenue, stating that the proviso to Section 36(1)(iii) applies to cases where assets are acquired for business purposes, regardless of the mode of acquisition. As the assets purchased by the partners were not put to use during the relevant period, the interest deduction was rightly disallowed, resulting in the dismissal of the appeal. en-us Thu, 21 Jul 2016 00:00:00 +0530 Wed, 15 Mar 2017 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330493 The High Court upheld the disallowance of interest amounting to Rs. 28,70,608 under Section 36(1)(iii) of the Income Tax Act for the Assessment Year 2009-10. The court ruled in favor of the revenue, stating that the proviso to Section 36(1)(iii) applies to cases where assets are acquired for business purposes, regardless of the mode of acquisition. As the assets purchased by the partners were not put to use during the relevant period, the interest deduction was rightly disallowed, resulting in the dismissal of the appeal. Case-Laws Income Tax Thu, 21 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330493