https://www.taxtmi.com/caselaws?id=275361 The Tribunal upheld the order of the CIT (Appeal) allowing interest as a business expenditure under section 36(1)(iii) in a case concerning the disallowance of interest by the Assessing Officer. The Tribunal relied on legal precedents and found that the company's main object aligned with the Memorandum of Association, allowing for the deduction of interest paid for carrying on business. The Tribunal compared the case with previous judgments and concluded that the borrowings were for business purposes, leading to the dismissal of the Revenue's appeal at the admission stage. en-us Wed, 20 Dec 2006 00:00:00 +0530 Fri, 28 Sep 2018 17:36:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275361 The Tribunal upheld the order of the CIT (Appeal) allowing interest as a business expenditure under section 36(1)(iii) in a case concerning the disallowance of interest by the Assessing Officer. The Tribunal relied on legal precedents and found that the company's main object aligned with the Memorandum of Association, allowing for the deduction of interest paid for carrying on business. The Tribunal compared the case with previous judgments and concluded that the borrowings were for business purposes, leading to the dismissal of the Revenue's appeal at the admission stage. Case-Laws Income Tax Wed, 20 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275361