https://www.taxtmi.com/caselaws?id=349324 The Tribunal upheld the disallowance of interest expenditure by the Assessee due to the lack of evidence proving the business purpose of the interest expenditure. Additionally, the Tribunal affirmed the CIT(A)'s decision to reverse the disallowance made by the Assessing Officer under s.40(a)(ia) for non-deduction of tax at source, based on consistent precedents and unchanged circumstances. Both the Assessee's and Revenue's appeals were dismissed, with the Tribunal finding no merit in the Revenue's appeal and upholding the decisions of the lower authorities. en-us Mon, 04 Sep 2017 00:00:00 +0530 Wed, 11 Oct 2017 06:12:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349324 The Tribunal upheld the disallowance of interest expenditure by the Assessee due to the lack of evidence proving the business purpose of the interest expenditure. Additionally, the Tribunal affirmed the CIT(A)'s decision to reverse the disallowance made by the Assessing Officer under s.40(a)(ia) for non-deduction of tax at source, based on consistent precedents and unchanged circumstances. Both the Assessee's and Revenue's appeals were dismissed, with the Tribunal finding no merit in the Revenue's appeal and upholding the decisions of the lower authorities. Case-Laws Income Tax Mon, 04 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349324