https://www.taxtmi.com/caselaws?id=366791 The Tribunal upheld the disallowance of interest expenditure amounting to Rs. 90,73,279/- as the borrowed funds were used to acquire agricultural land generating exempt income, not fulfilling the conditions of Section 36(1)(iii) of the Income Tax Act. The alternative claim for partial disallowance based on agricultural income was rejected. The Revenue's appeal was allowed, and the disallowance was upheld. en-us Tue, 04 Sep 2018 00:00:00 +0530 Tue, 11 Sep 2018 08:11:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366791 The Tribunal upheld the disallowance of interest expenditure amounting to Rs. 90,73,279/- as the borrowed funds were used to acquire agricultural land generating exempt income, not fulfilling the conditions of Section 36(1)(iii) of the Income Tax Act. The alternative claim for partial disallowance based on agricultural income was rejected. The Revenue's appeal was allowed, and the disallowance was upheld. Case-Laws Income Tax Tue, 04 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366791