https://www.taxtmi.com/caselaws?id=185947 The Court upheld the Income Tax Appellate Tribunal's decision to allow the disallowance of interest payable under Section 36(1)(iii) of the Income Tax Act, 1961, dismissing the Revenue's appeal. The Court also affirmed the Tribunal's findings regarding the validity of the transaction between the assessee and ICICI, as well as the entitlement of the assessee for lease rent as a hire purchaser, based on precedent set in a previous case. Consequently, the appeal was dismissed in favor of the assessee. en-us Tue, 21 Sep 2010 00:00:00 +0530 Sat, 03 Sep 2016 11:02:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185947 The Court upheld the Income Tax Appellate Tribunal's decision to allow the disallowance of interest payable under Section 36(1)(iii) of the Income Tax Act, 1961, dismissing the Revenue's appeal. The Court also affirmed the Tribunal's findings regarding the validity of the transaction between the assessee and ICICI, as well as the entitlement of the assessee for lease rent as a hire purchaser, based on precedent set in a previous case. Consequently, the appeal was dismissed in favor of the assessee. Case-Laws Income Tax Tue, 21 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185947