https://www.taxtmi.com/caselaws?id=359165 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the disallowance of interest amounting to Rs. 5,33,01,263 under section 36(1)(iii) of the Income Tax Act for the assessment year 2010-11. The ITAT found that the disallowance was unjustified as the investments were made for business purposes, and the interest was allowable. The decision was based on the lack of evidence provided by the Revenue and the consistency with previous decisions involving the assessee's group companies. en-us Mon, 09 Apr 2018 00:00:00 +0530 Wed, 25 Apr 2018 06:17:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359165 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the disallowance of interest amounting to Rs. 5,33,01,263 under section 36(1)(iii) of the Income Tax Act for the assessment year 2010-11. The ITAT found that the disallowance was unjustified as the investments were made for business purposes, and the interest was allowable. The decision was based on the lack of evidence provided by the Revenue and the consistency with previous decisions involving the assessee's group companies. Case-Laws Income Tax Mon, 09 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359165