https://www.taxtmi.com/caselaws?id=291488 The High Court upheld the decisions of the CIT(Appeals) and the Tribunal, affirming that the interest expenditure claimed by the assessee was legitimate and allowable under Section 36(1)(iii) of the Income Tax Act. The court found no evidence of fraud or sham in the transactions and ruled that Section 77 of the Companies Act was not applicable in this case. Both substantial questions of law were answered in favor of the assessee and against the Revenue. The appeal was dismissed with no order as to costs. en-us Tue, 11 Feb 2020 00:00:00 +0530 Thu, 12 Nov 2020 12:12:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291488 The High Court upheld the decisions of the CIT(Appeals) and the Tribunal, affirming that the interest expenditure claimed by the assessee was legitimate and allowable under Section 36(1)(iii) of the Income Tax Act. The court found no evidence of fraud or sham in the transactions and ruled that Section 77 of the Companies Act was not applicable in this case. Both substantial questions of law were answered in favor of the assessee and against the Revenue. The appeal was dismissed with no order as to costs. Case-Laws Income Tax Tue, 11 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291488