https://www.taxtmi.com/caselaws?id=395753 The ITAT allowed the appeal of the assessee, overturning disallowances made by lower authorities on interest paid on borrowed monies, disallowance under Rule 8D of the Income Tax Rules, interest on capital work in progress, Diwali expenses, and food expenses for factory workers. The ITAT found that the loans were utilized for business purposes, no disallowance was warranted under Section 14A read with Rule 8D, interest claimed was not related to capital work in progress, all Diwali expenses were vouched, and evidence supported food expenses for factory workers. en-us Tue, 05 May 2020 00:00:00 +0530 Fri, 05 Jun 2020 12:17:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395753 The ITAT allowed the appeal of the assessee, overturning disallowances made by lower authorities on interest paid on borrowed monies, disallowance under Rule 8D of the Income Tax Rules, interest on capital work in progress, Diwali expenses, and food expenses for factory workers. The ITAT found that the loans were utilized for business purposes, no disallowance was warranted under Section 14A read with Rule 8D, interest claimed was not related to capital work in progress, all Diwali expenses were vouched, and evidence supported food expenses for factory workers. Case-Laws Income Tax Tue, 05 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395753