https://www.taxtmi.com/caselaws?id=394575 The Tribunal upheld the disallowance of interest expenses amounting to Rs. 12 lakhs due to funds diversion for land purchase by the firm. The decision aligned with the proviso to section 36(1)(iii) of the IT Act, requiring assets to be utilized for business to claim interest deductions. The appeal was dismissed, citing the necessity of asset utilization for business purposes based on a similar ruling for AY 2008-09. en-us Thu, 06 Feb 2020 00:00:00 +0530 Fri, 17 Apr 2020 15:06:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394575 The Tribunal upheld the disallowance of interest expenses amounting to Rs. 12 lakhs due to funds diversion for land purchase by the firm. The decision aligned with the proviso to section 36(1)(iii) of the IT Act, requiring assets to be utilized for business to claim interest deductions. The appeal was dismissed, citing the necessity of asset utilization for business purposes based on a similar ruling for AY 2008-09. Case-Laws Income Tax Thu, 06 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394575