https://www.taxtmi.com/caselaws?id=389474 The Tribunal allowed the deduction claimed by the assessee under Section 57(iii) of the Income Tax Act for interest expenses, amounting to Rs. 49,38,149. The Tribunal held that the expenses were incurred wholly and exclusively for earning income, as per the legal requirements of the provision, overturning the CIT(A)'s decision disallowing the deduction. The appeal was allowed, and the deduction was deemed legally justified in the final judgment pronounced on 04/11/2019. en-us Mon, 04 Nov 2019 00:00:00 +0530 Mon, 09 Dec 2019 14:25:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389474 The Tribunal allowed the deduction claimed by the assessee under Section 57(iii) of the Income Tax Act for interest expenses, amounting to Rs. 49,38,149. The Tribunal held that the expenses were incurred wholly and exclusively for earning income, as per the legal requirements of the provision, overturning the CIT(A)'s decision disallowing the deduction. The appeal was allowed, and the deduction was deemed legally justified in the final judgment pronounced on 04/11/2019. Case-Laws Income Tax Mon, 04 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389474