https://www.taxtmi.com/caselaws?id=273373 The Revenue's appeal challenging the disallowance of interest payment on borrowed funds and various expenses under "income from other sources" for the assessment year 2007-08 was dismissed. The CIT(A) deleted the addition of interest payment by relying on relevant case laws, emphasizing the lack of evidence from the Assessing Officer to support disallowance. Additionally, the CIT(A) overturned the disallowance of various expenses, noting the Assessing Officer's failure to provide material disproving their business purpose. The Tribunal upheld the CIT(A)'s decision, highlighting that expenses incurred wholly for business purposes cannot be disallowed without evidence, leading to the dismissal of the Revenue's appeal. en-us Wed, 12 Aug 2015 00:00:00 +0530 Fri, 22 Jun 2018 06:52:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273373 The Revenue's appeal challenging the disallowance of interest payment on borrowed funds and various expenses under "income from other sources" for the assessment year 2007-08 was dismissed. The CIT(A) deleted the addition of interest payment by relying on relevant case laws, emphasizing the lack of evidence from the Assessing Officer to support disallowance. Additionally, the CIT(A) overturned the disallowance of various expenses, noting the Assessing Officer's failure to provide material disproving their business purpose. The Tribunal upheld the CIT(A)'s decision, highlighting that expenses incurred wholly for business purposes cannot be disallowed without evidence, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Wed, 12 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273373