https://www.taxtmi.com/caselaws?id=281638 The court allowed the assessee's appeals, dismissing the Revenue's appeal and confirming the deductibility of interest expenditures claimed under Section 36(1)(iii) and Section 37(1) of the Income Tax Act, 1961. The court found that the borrowed funds were used for business purposes, rejecting the Revenue's argument for disallowance based on non-business use assumptions. Additionally, the court upheld the deduction of interest paid to the Ministry of Information and Broadcasting, considering it compensatory and arising from a business contract. en-us Wed, 26 Dec 2012 00:00:00 +0530 Fri, 28 Jun 2019 17:01:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281638 The court allowed the assessee's appeals, dismissing the Revenue's appeal and confirming the deductibility of interest expenditures claimed under Section 36(1)(iii) and Section 37(1) of the Income Tax Act, 1961. The court found that the borrowed funds were used for business purposes, rejecting the Revenue's argument for disallowance based on non-business use assumptions. Additionally, the court upheld the deduction of interest paid to the Ministry of Information and Broadcasting, considering it compensatory and arising from a business contract. Case-Laws Income Tax Wed, 26 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281638