https://www.taxtmi.com/caselaws?id=344708 The Tribunal partially allowed the appeal of the assessee regarding the disallowance of interest expenses, considering legitimate expenditures for earning income and the company's capital structure. The decision was based on Section 57 of the Income Tax Act, allowing deductions for expenditures laid out wholly and exclusively for earning income from other sources. The Tribunal referenced various judgments, including the Apex Court decision in CIT vs. Rajendra Prasad Modi, and calculated the interest disallowance accordingly. en-us Fri, 31 Mar 2017 00:00:00 +0530 Sat, 24 Jun 2017 08:08:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344708 The Tribunal partially allowed the appeal of the assessee regarding the disallowance of interest expenses, considering legitimate expenditures for earning income and the company's capital structure. The decision was based on Section 57 of the Income Tax Act, allowing deductions for expenditures laid out wholly and exclusively for earning income from other sources. The Tribunal referenced various judgments, including the Apex Court decision in CIT vs. Rajendra Prasad Modi, and calculated the interest disallowance accordingly. Case-Laws Income Tax Fri, 31 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344708