https://www.taxtmi.com/caselaws?id=373766 The court ruled in favor of the appellant, holding that the Assessing Officer was unjustified in disallowing the interest expenditure claimed under section 36(i)(iii) of the Income Tax Act. The judgment emphasized the availability of interest-free funds, specific purposes of loans, and relevant legal precedents cited by the CIT(A) and Tribunal to support the decision. The Tribunal upheld the CIT(A)'s order, dismissing the Revenue's appeal regarding the disallowance and allowance of interest expenditure for non-business purposes under the IT Act. en-us Wed, 31 Oct 2018 00:00:00 +0530 Sat, 19 Jan 2019 07:55:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373766 The court ruled in favor of the appellant, holding that the Assessing Officer was unjustified in disallowing the interest expenditure claimed under section 36(i)(iii) of the Income Tax Act. The judgment emphasized the availability of interest-free funds, specific purposes of loans, and relevant legal precedents cited by the CIT(A) and Tribunal to support the decision. The Tribunal upheld the CIT(A)'s order, dismissing the Revenue's appeal regarding the disallowance and allowance of interest expenditure for non-business purposes under the IT Act. Case-Laws Income Tax Wed, 31 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373766