https://www.taxtmi.com/caselaws?id=334589 The Court upheld the Tribunal's decision in favor of the assessee, ruling that interest on borrowed funds for declaring dividends is deductible under Section 36(1)(iii) of the Income Tax Act. The Court found that the dividends were paid from adequate internal resources, supporting the deduction as a business expense. The Revenue's appeal was dismissed, emphasizing that interest on borrowings for dividend declaration qualifies as a deductible expense. en-us Mon, 07 Nov 2016 00:00:00 +0530 Wed, 16 Nov 2016 17:06:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334589 The Court upheld the Tribunal's decision in favor of the assessee, ruling that interest on borrowed funds for declaring dividends is deductible under Section 36(1)(iii) of the Income Tax Act. The Court found that the dividends were paid from adequate internal resources, supporting the deduction as a business expense. The Revenue's appeal was dismissed, emphasizing that interest on borrowings for dividend declaration qualifies as a deductible expense. Case-Laws Income Tax Mon, 07 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334589