https://www.taxtmi.com/caselaws?id=338082 The High Court upheld the decisions of the CIT(A) and the Tribunal, dismissing the Revenue's appeal on both issues concerning bad debt written off and interest expenditure not incurred for business purposes. The Court found that the deletion of bad debt written off was justified under Section 36(2) of the Income Tax Act, as the assessee was engaged in the business of loan and advance. Additionally, the Court agreed with the Tribunal's decision to delete the interest expenditure not incurred for business purposes, based on the utilization of interest-bearing funds for investments. en-us Thu, 12 Jan 2017 00:00:00 +0530 Tue, 24 Jan 2017 08:36:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338082 The High Court upheld the decisions of the CIT(A) and the Tribunal, dismissing the Revenue's appeal on both issues concerning bad debt written off and interest expenditure not incurred for business purposes. The Court found that the deletion of bad debt written off was justified under Section 36(2) of the Income Tax Act, as the assessee was engaged in the business of loan and advance. Additionally, the Court agreed with the Tribunal's decision to delete the interest expenditure not incurred for business purposes, based on the utilization of interest-bearing funds for investments. Case-Laws Income Tax Thu, 12 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338082