https://www.taxtmi.com/caselaws?id=288213 The High Court set aside the orders passed by the lower authorities regarding the disallowance of interest expenses under Section 36(1)(iii) of the Income Tax Act. The court emphasized the importance of properly applying legal tests and considering commercial expediency in determining deductions for interest paid. It found the previous orders to be unsustainable due to factual assumptions and lack of analysis, remitting the matter back to the Assessing Officer for reconsideration. The court ruled in favor of the revenue, highlighting the necessity of adhering to legal principles in assessing eligibility for deductions under Section 36(1)(iii). en-us Mon, 06 Jun 2016 00:00:00 +0530 Tue, 26 May 2020 13:09:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288213 The High Court set aside the orders passed by the lower authorities regarding the disallowance of interest expenses under Section 36(1)(iii) of the Income Tax Act. The court emphasized the importance of properly applying legal tests and considering commercial expediency in determining deductions for interest paid. It found the previous orders to be unsustainable due to factual assumptions and lack of analysis, remitting the matter back to the Assessing Officer for reconsideration. The court ruled in favor of the revenue, highlighting the necessity of adhering to legal principles in assessing eligibility for deductions under Section 36(1)(iii). Case-Laws Income Tax Mon, 06 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288213