https://www.taxtmi.com/caselaws?id=379211 The Tribunal partly allowed the appeal, ruling in favor of the assessee on the disallowance of interest under Section 36(1)(iii) of the Income Tax Act. The Tribunal held that no disallowance could be made on a proportionate basis if lending is part of the business activities without diversion of borrowed funds for non-business purposes. However, the Tribunal upheld the Commissioner of Income Tax (Appeals)'s direction for the verification of the set-off of business loss and unabsorbed depreciation against total income. en-us Wed, 24 Apr 2019 00:00:00 +0530 Mon, 29 Apr 2019 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379211 The Tribunal partly allowed the appeal, ruling in favor of the assessee on the disallowance of interest under Section 36(1)(iii) of the Income Tax Act. The Tribunal held that no disallowance could be made on a proportionate basis if lending is part of the business activities without diversion of borrowed funds for non-business purposes. However, the Tribunal upheld the Commissioner of Income Tax (Appeals)'s direction for the verification of the set-off of business loss and unabsorbed depreciation against total income. Case-Laws Income Tax Wed, 24 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379211