https://www.taxtmi.com/caselaws?id=405225 The appeal of the assessee was allowed based on the findings related to the disallowance of interest expenses on term loans and the condonation of the delay in filing the appeal. The Tribunal found that the term loan was utilized for business purposes as required by the Income Tax Act, and the delay in filing the appeal was condoned due to negligence without causing serious prejudice to the Revenue. The Tribunal upheld the plea for the allowability of the interest claim, emphasizing that the delay was not intentional and the appeal deserved to be considered on merits. en-us Fri, 19 Feb 2021 00:00:00 +0530 Mon, 15 Mar 2021 08:37:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405225 The appeal of the assessee was allowed based on the findings related to the disallowance of interest expenses on term loans and the condonation of the delay in filing the appeal. The Tribunal found that the term loan was utilized for business purposes as required by the Income Tax Act, and the delay in filing the appeal was condoned due to negligence without causing serious prejudice to the Revenue. The Tribunal upheld the plea for the allowability of the interest claim, emphasizing that the delay was not intentional and the appeal deserved to be considered on merits. Case-Laws Income Tax Fri, 19 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405225