https://www.taxtmi.com/caselaws?id=332338 The Tribunal justified the assessee's loan and interest expenditure as being for the purpose of business, upholding the debentures issue as a loan and discount as business expenditure due to commercial expediency and a business connection with a sister concern. The Court dismissed the Revenue's challenge, citing a binding precedent. Regarding the disallowance under Section 14A, the Tribunal allowed the appeal, as Rule 8D was deemed inapplicable for the relevant assessment year. The Court upheld this decision, as no substantial question of law was raised, leading to the dismissal of the appeal without costs. en-us Tue, 23 Aug 2016 00:00:00 +0530 Thu, 15 Sep 2016 09:19:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332338 The Tribunal justified the assessee's loan and interest expenditure as being for the purpose of business, upholding the debentures issue as a loan and discount as business expenditure due to commercial expediency and a business connection with a sister concern. The Court dismissed the Revenue's challenge, citing a binding precedent. Regarding the disallowance under Section 14A, the Tribunal allowed the appeal, as Rule 8D was deemed inapplicable for the relevant assessment year. The Court upheld this decision, as no substantial question of law was raised, leading to the dismissal of the appeal without costs. Case-Laws Income Tax Tue, 23 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332338