https://www.taxtmi.com/caselaws?id=391623 The ITAT allowed the appeals of the assessee, ruling that the disallowance of interest expenditure under section 24(b) was unjustified as the loan from ICICI Bank was fully utilized for repayment of loans from Directors before the end of the financial year 2007-08. Consequently, the ITAT deleted the disallowance made by the AO under section 24(b) of the Act for the assessment years 2010-11 and 2012-13. en-us Mon, 06 Jan 2020 00:00:00 +0530 Mon, 03 Feb 2020 12:11:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391623 The ITAT allowed the appeals of the assessee, ruling that the disallowance of interest expenditure under section 24(b) was unjustified as the loan from ICICI Bank was fully utilized for repayment of loans from Directors before the end of the financial year 2007-08. Consequently, the ITAT deleted the disallowance made by the AO under section 24(b) of the Act for the assessment years 2010-11 and 2012-13. Case-Laws Income Tax Mon, 06 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391623