https://www.taxtmi.com/caselaws?id=387152 The Tribunal allowed the appeal of the assessee, ruling that the loans were obtained for business purposes despite temporary investment in Fixed Deposit Receipts (FDRs). The disallowance of expenditure under section 36(1)(iii) was deemed unwarranted, emphasizing the businessman's discretion in business expenses. Additionally, the Tribunal held that the expenses were eligible for deduction under section 57(iii) as they were wholly and exclusively incurred for earning income, overturning the AO's decision and Commissioner of Income Tax (Appeals)'s affirmation. en-us Wed, 16 Oct 2019 00:00:00 +0530 Fri, 18 Oct 2019 07:18:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387152 The Tribunal allowed the appeal of the assessee, ruling that the loans were obtained for business purposes despite temporary investment in Fixed Deposit Receipts (FDRs). The disallowance of expenditure under section 36(1)(iii) was deemed unwarranted, emphasizing the businessman's discretion in business expenses. Additionally, the Tribunal held that the expenses were eligible for deduction under section 57(iii) as they were wholly and exclusively incurred for earning income, overturning the AO's decision and Commissioner of Income Tax (Appeals)'s affirmation. Case-Laws Income Tax Wed, 16 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387152