https://www.taxtmi.com/caselaws?id=293106 The Tribunal allowed the assessee's appeals, directing the Assessing Officer to delete the disallowance of interest expenditure claimed for business purposes. The Tribunal held that the interest expenditure was incurred for business purposes, emphasizing that the character of the loans remained unchanged despite being used to repay earlier loans. It noted that the business was temporarily suspended due to external factors beyond the assessee's control and found no contrary material to suggest a change in facts and circumstances from earlier years, where similar interest expenditure had been allowed. en-us Mon, 22 Aug 2016 00:00:00 +0530 Sat, 23 Jan 2021 21:23:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293106 The Tribunal allowed the assessee's appeals, directing the Assessing Officer to delete the disallowance of interest expenditure claimed for business purposes. The Tribunal held that the interest expenditure was incurred for business purposes, emphasizing that the character of the loans remained unchanged despite being used to repay earlier loans. It noted that the business was temporarily suspended due to external factors beyond the assessee's control and found no contrary material to suggest a change in facts and circumstances from earlier years, where similar interest expenditure had been allowed. Case-Laws Income Tax Mon, 22 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293106