https://www.taxtmi.com/caselaws?id=350976 The Tribunal allowed the appeal, overturning the disallowance of interest amounting to Rs. 2,37,675 for the A.Y. 2012-13. Despite the ld. CIT(A)'s confirmation of the disallowance, the Tribunal found a direct nexus between the borrowed funds and the plot investment for business expansion, leading to the conclusion that the interest was effectively utilized for business promotion. The Tribunal emphasized the lack of utilization of the plots during the year but ultimately allowed the appeal based on the expenditure's direct relation to the business under Section 36(1)(iii) of the Act. en-us Fri, 10 Nov 2017 00:00:00 +0530 Thu, 16 Nov 2017 09:38:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350976 The Tribunal allowed the appeal, overturning the disallowance of interest amounting to Rs. 2,37,675 for the A.Y. 2012-13. Despite the ld. CIT(A)'s confirmation of the disallowance, the Tribunal found a direct nexus between the borrowed funds and the plot investment for business expansion, leading to the conclusion that the interest was effectively utilized for business promotion. The Tribunal emphasized the lack of utilization of the plots during the year but ultimately allowed the appeal based on the expenditure's direct relation to the business under Section 36(1)(iii) of the Act. Case-Laws Income Tax Fri, 10 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350976