https://www.taxtmi.com/caselaws?id=408403 The tribunal dismissed the appeal, affirming the CIT(A)'s decisions on all issues. It upheld the disallowance of interest not treated as revenue expenditure, deeming the interest payment justifiable under commercial expediency. The tribunal also confirmed the CIT(A)'s restriction on disallowance under Section 14A and found the borrowed funds were not misappropriated. The substantial questions of law were resolved in favor of the assessee, and the appeal was dismissed based on the comprehensive analysis and findings. en-us Tue, 01 Jun 2021 00:00:00 +0530 Sat, 26 Oct 2024 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408403 The tribunal dismissed the appeal, affirming the CIT(A)'s decisions on all issues. It upheld the disallowance of interest not treated as revenue expenditure, deeming the interest payment justifiable under commercial expediency. The tribunal also confirmed the CIT(A)'s restriction on disallowance under Section 14A and found the borrowed funds were not misappropriated. The substantial questions of law were resolved in favor of the assessee, and the appeal was dismissed based on the comprehensive analysis and findings. Case-Laws Income Tax Tue, 01 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408403