https://www.taxtmi.com/caselaws?id=390029 The Tribunal upheld the CIT(A)'s decision to allow the deduction of interest expenditure under Section 36(1)(iii) of the Income Tax Act, 1961. The Tribunal dismissed the Revenue's appeal, emphasizing that the interest expenditure was incurred for commercial expediency in relation to investments in subsidiaries engaged in similar businesses. The Tribunal found that the assessee had adequately demonstrated the business purpose and commercial expediency, leading to the affirmation of the deduction. en-us Wed, 18 Dec 2019 00:00:00 +0530 Sun, 22 Dec 2019 07:44:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390029 The Tribunal upheld the CIT(A)'s decision to allow the deduction of interest expenditure under Section 36(1)(iii) of the Income Tax Act, 1961. The Tribunal dismissed the Revenue's appeal, emphasizing that the interest expenditure was incurred for commercial expediency in relation to investments in subsidiaries engaged in similar businesses. The Tribunal found that the assessee had adequately demonstrated the business purpose and commercial expediency, leading to the affirmation of the deduction. Case-Laws Income Tax Wed, 18 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390029