https://www.taxtmi.com/caselaws?id=344287 The Tribunal overturned the CIT(A)'s decision to disallow interest on borrowed funds for property investment, as it found no evidence of borrowed funds being used. Despite the lack of proof of the assessee engaging in property business, the Tribunal noted the increase in property investment alongside a decrease in loan liability, indicating the absence of borrowed funds utilization. Consequently, the Tribunal directed the Assessing Officer to delete the disallowance, ruling in favor of the appellant. en-us Fri, 02 Jun 2017 00:00:00 +0530 Tue, 13 Jun 2017 10:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344287 The Tribunal overturned the CIT(A)'s decision to disallow interest on borrowed funds for property investment, as it found no evidence of borrowed funds being used. Despite the lack of proof of the assessee engaging in property business, the Tribunal noted the increase in property investment alongside a decrease in loan liability, indicating the absence of borrowed funds utilization. Consequently, the Tribunal directed the Assessing Officer to delete the disallowance, ruling in favor of the appellant. Case-Laws Income Tax Fri, 02 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344287