https://www.taxtmi.com/caselaws?id=388391 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the disallowance of interest expenditure totaling Rs. 25,30,80,822. The Tribunal found no grounds for disallowance under Sections 14A, 36(1)(iii), or 57(iii) due to the direct connection between the interest income and the assessee's business operations, coupled with the lack of exempt income. This ruling aligned with the Tribunal's earlier decisions favoring the assessee in previous assessment years. en-us Tue, 01 Oct 2019 00:00:00 +0530 Thu, 14 Nov 2019 17:58:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388391 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the disallowance of interest expenditure totaling Rs. 25,30,80,822. The Tribunal found no grounds for disallowance under Sections 14A, 36(1)(iii), or 57(iii) due to the direct connection between the interest income and the assessee's business operations, coupled with the lack of exempt income. This ruling aligned with the Tribunal's earlier decisions favoring the assessee in previous assessment years. Case-Laws Income Tax Tue, 01 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388391