https://www.taxtmi.com/caselaws?id=397812 The Tribunal allowed the appeal filed by the assessee, overturning the disallowance of the interest deduction for A.Y. 2013-14. The Tribunal held that earning a profit from the business is not a prerequisite for claiming the deduction, as long as the loan was taken for specified business purposes. The Tribunal also addressed the delay in pronouncement of the order due to the COVID-19 pandemic and subsequent lockdown, excluding the lockdown period while computing the time limit for pronouncement. The Tribunal emphasized a pragmatic approach in interpreting the law during unprecedented situations. en-us Mon, 24 Aug 2020 00:00:00 +0530 Sat, 29 Aug 2020 19:37:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397812 The Tribunal allowed the appeal filed by the assessee, overturning the disallowance of the interest deduction for A.Y. 2013-14. The Tribunal held that earning a profit from the business is not a prerequisite for claiming the deduction, as long as the loan was taken for specified business purposes. The Tribunal also addressed the delay in pronouncement of the order due to the COVID-19 pandemic and subsequent lockdown, excluding the lockdown period while computing the time limit for pronouncement. The Tribunal emphasized a pragmatic approach in interpreting the law during unprecedented situations. Case-Laws Income Tax Mon, 24 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397812