https://www.taxtmi.com/caselaws?id=334946 The High Court set aside the assessment, Commissioner, and Tribunal orders disallowing interest expenses under section 36(1)(iii) of the Income-tax Act. It ruled that the appeals deserve consideration on their merits, emphasizing the need for proper examination and application of legal tests. The court highlighted that deductions should be allowed if interest-free loans were given as a measure of commercial expediency, broadening the definition of commercial expediency. The Assessing Officer was directed to reconsider the cases after issuing notices to the parties, disposing of the appeals in favor of the Revenue. en-us Mon, 06 Jun 2016 00:00:00 +0530 Wed, 23 Nov 2016 15:44:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334946 The High Court set aside the assessment, Commissioner, and Tribunal orders disallowing interest expenses under section 36(1)(iii) of the Income-tax Act. It ruled that the appeals deserve consideration on their merits, emphasizing the need for proper examination and application of legal tests. The court highlighted that deductions should be allowed if interest-free loans were given as a measure of commercial expediency, broadening the definition of commercial expediency. The Assessing Officer was directed to reconsider the cases after issuing notices to the parties, disposing of the appeals in favor of the Revenue. Case-Laws Income Tax Mon, 06 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334946