https://www.taxtmi.com/caselaws?id=292866 The ITAT Mumbai ruled in favor of the appellant on two key issues. Firstly, it classified rental receipts as business income, aligning with previous decisions and recognizing the appellant's role as a property manager providing commercial services. Secondly, it upheld the allowance of interest under section 36(1)(iii), confirming that the loans were used for business expansion in mall management and development, thus justifying the interest deduction. The Tribunal emphasized consistency with prior rulings and the necessity of a clear connection between borrowed funds and business purposes. en-us Thu, 07 Apr 2016 00:00:00 +0530 Wed, 13 Nov 2024 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292866 The ITAT Mumbai ruled in favor of the appellant on two key issues. Firstly, it classified rental receipts as business income, aligning with previous decisions and recognizing the appellant's role as a property manager providing commercial services. Secondly, it upheld the allowance of interest under section 36(1)(iii), confirming that the loans were used for business expansion in mall management and development, thus justifying the interest deduction. The Tribunal emphasized consistency with prior rulings and the necessity of a clear connection between borrowed funds and business purposes. Case-Laws Income Tax Thu, 07 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292866