https://www.taxtmi.com/caselaws?id=289681 The ITAT allowed the appeal, ruling in favor of the assessee, and deemed the interest expenditure allowable under section 36(1)(iii) as business expenses. The ITAT held that disallowance under section 14A was not warranted since no exempt income was earned during the relevant year. The decision was based on precedents from various High Courts, including the Bombay and Delhi High Courts, supporting the allowance of interest expenditure if incurred for business purposes. en-us Tue, 30 Jun 2015 00:00:00 +0530 Fri, 14 Aug 2020 09:23:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289681 The ITAT allowed the appeal, ruling in favor of the assessee, and deemed the interest expenditure allowable under section 36(1)(iii) as business expenses. The ITAT held that disallowance under section 14A was not warranted since no exempt income was earned during the relevant year. The decision was based on precedents from various High Courts, including the Bombay and Delhi High Courts, supporting the allowance of interest expenditure if incurred for business purposes. Case-Laws Income Tax Tue, 30 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289681