https://www.taxtmi.com/caselaws?id=342569 The High Court upheld the ITAT's decision in Tax Appeals concerning deduction under Section 36(1)(viii) of the Income Tax Act. The ITAT's remand to the Assessing Officer for verification of finance accounts was deemed appropriate, clarifying that the timing of loan assignment is irrelevant for deduction calculation. The Court affirmed that the ITAT's interpretation aligned with the law, specifically explanation (h) to Section 36(1)(viii), and dismissed the Appeals, emphasizing accurate tax law interpretation and proper application to prevent double deductions and ensure compliance with the Act. en-us Fri, 28 Apr 2017 00:00:00 +0530 Thu, 10 Aug 2017 17:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342569 The High Court upheld the ITAT's decision in Tax Appeals concerning deduction under Section 36(1)(viii) of the Income Tax Act. The ITAT's remand to the Assessing Officer for verification of finance accounts was deemed appropriate, clarifying that the timing of loan assignment is irrelevant for deduction calculation. The Court affirmed that the ITAT's interpretation aligned with the law, specifically explanation (h) to Section 36(1)(viii), and dismissed the Appeals, emphasizing accurate tax law interpretation and proper application to prevent double deductions and ensure compliance with the Act. Case-Laws Income Tax Fri, 28 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342569