https://www.taxtmi.com/caselaws?id=367882 The Tribunal upheld the CIT(A)'s decision to allow the deduction of interest expenses under section 36(1)(iii) for the assessee. It was determined that the interest paid on borrowings for earnest money deposits (EMD) was for the purpose of the assessee's business and should be allowed as a deduction, as the conditions for capitalization were not met due to the aborted acquisition of assets. The Tribunal dismissed the revenue's appeal, affirming the allowance of the interest expenditure as a deduction. en-us Fri, 20 Jul 2018 00:00:00 +0530 Thu, 27 Sep 2018 06:49:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367882 The Tribunal upheld the CIT(A)'s decision to allow the deduction of interest expenses under section 36(1)(iii) for the assessee. It was determined that the interest paid on borrowings for earnest money deposits (EMD) was for the purpose of the assessee's business and should be allowed as a deduction, as the conditions for capitalization were not met due to the aborted acquisition of assets. The Tribunal dismissed the revenue's appeal, affirming the allowance of the interest expenditure as a deduction. Case-Laws Income Tax Fri, 20 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367882