https://www.taxtmi.com/caselaws?id=287691 The Tribunal allowed the appeal partly, recognizing the interest expenditure of Rs. 3,00,57,566/- as allowable under Section 36(1)(iii) of the Income Tax Act. The Tribunal held that the interest expenditure was incurred for business purposes, irrespective of the method of accounting for income recognition used by the assessee. The decision highlighted the significance of applying the correct accounting method and adhering to legal principles concerning interest expenditure deductions. The CIT(A)'s decision disallowing the claim was overturned in favor of the assessee. en-us Wed, 15 Nov 2017 00:00:00 +0530 Tue, 28 Apr 2020 12:51:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287691 The Tribunal allowed the appeal partly, recognizing the interest expenditure of Rs. 3,00,57,566/- as allowable under Section 36(1)(iii) of the Income Tax Act. The Tribunal held that the interest expenditure was incurred for business purposes, irrespective of the method of accounting for income recognition used by the assessee. The decision highlighted the significance of applying the correct accounting method and adhering to legal principles concerning interest expenditure deductions. The CIT(A)'s decision disallowing the claim was overturned in favor of the assessee. Case-Laws Income Tax Wed, 15 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287691