https://www.taxtmi.com/caselaws?id=335717 The High Court allowed the appeal in favor of the assessee, setting aside the Tribunal's decision and reinstating the CIT (Appeals) order regarding the interest payment to the bank under Sec. 36(1)(iii) and Sec. 37(1) of the Income Tax Act. The Court held that the Tribunal's reasoning was impermissible in law and that the interest payment on the loan should be allowed. Furthermore, the Court directed the concerned authority to provide a specific finding on the carry forward of unabsorbed business loss and depreciation to ensure a fair assessment for the appellant. en-us Tue, 29 Nov 2016 00:00:00 +0530 Wed, 07 Dec 2016 19:47:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335717 The High Court allowed the appeal in favor of the assessee, setting aside the Tribunal's decision and reinstating the CIT (Appeals) order regarding the interest payment to the bank under Sec. 36(1)(iii) and Sec. 37(1) of the Income Tax Act. The Court held that the Tribunal's reasoning was impermissible in law and that the interest payment on the loan should be allowed. Furthermore, the Court directed the concerned authority to provide a specific finding on the carry forward of unabsorbed business loss and depreciation to ensure a fair assessment for the appellant. Case-Laws Income Tax Tue, 29 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335717