https://www.taxtmi.com/caselaws?id=353345 The Tribunal overturned the Commissioner of Income-Tax (Appeals) decision and ruled in favor of the assessee. It found that there was no connection between borrowed funds and the capital work-in-progress, which was adequately funded by interest-free funds. As a result, the disallowance of interest expenses under section 36(1)(iii) of the Income Tax Act for Assessment Year 2007-08 was reversed, and the additions made by the Assessing Officer were deleted. en-us Wed, 13 Dec 2017 00:00:00 +0530 Tue, 02 Jan 2018 09:18:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353345 The Tribunal overturned the Commissioner of Income-Tax (Appeals) decision and ruled in favor of the assessee. It found that there was no connection between borrowed funds and the capital work-in-progress, which was adequately funded by interest-free funds. As a result, the disallowance of interest expenses under section 36(1)(iii) of the Income Tax Act for Assessment Year 2007-08 was reversed, and the additions made by the Assessing Officer were deleted. Case-Laws Income Tax Wed, 13 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353345