https://www.taxtmi.com/caselaws?id=381585 The Tribunal allowed the assessee's appeal, ruling in favor of the assessee on both issues. Firstly, the disallowed business loss claim of Rs. 30 lakhs on the cancellation of a lease deposit was treated as a business loss under Section 28 of the Income Tax Act. Secondly, the proportionate disallowance of interest on borrowed funds for higher education expenses was rejected as the payment was deemed for business purposes. The Tribunal held that the borrowed funds were not diverted for non-business purposes. en-us Fri, 07 Jun 2019 00:00:00 +0530 Thu, 13 Jun 2019 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381585 The Tribunal allowed the assessee's appeal, ruling in favor of the assessee on both issues. Firstly, the disallowed business loss claim of Rs. 30 lakhs on the cancellation of a lease deposit was treated as a business loss under Section 28 of the Income Tax Act. Secondly, the proportionate disallowance of interest on borrowed funds for higher education expenses was rejected as the payment was deemed for business purposes. The Tribunal held that the borrowed funds were not diverted for non-business purposes. Case-Laws Income Tax Fri, 07 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381585