https://www.taxtmi.com/caselaws?id=403850 The Tribunal remitted the case back to the Assessing Officer for a fresh examination to determine if the funds from the second loan were used for business purposes, directing a reassessment in accordance with the law. The Tribunal allowed the appeal of the assessee for statistical purposes, emphasizing the need for verification of fund utilization for business activities to ascertain eligibility for interest deductions under the Income Tax Act. en-us Tue, 08 Dec 2020 00:00:00 +0530 Wed, 10 Feb 2021 09:31:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403850 The Tribunal remitted the case back to the Assessing Officer for a fresh examination to determine if the funds from the second loan were used for business purposes, directing a reassessment in accordance with the law. The Tribunal allowed the appeal of the assessee for statistical purposes, emphasizing the need for verification of fund utilization for business activities to ascertain eligibility for interest deductions under the Income Tax Act. Case-Laws Income Tax Tue, 08 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403850