https://www.taxtmi.com/caselaws?id=409994 The Tribunal partly allowed the appeal of the assessee, setting aside the disallowance of interest claimed for construction purposes and dismissing the Revenue's appeal on the restriction of interest deduction. The Tribunal emphasized the proper utilization of borrowed funds for allowable deductions and consistency in decisions based on past judgments. The declared business loss disallowed by the AO was dismissed as the issue was not pressed during the appeal. The treatment of interest received from the Income Tax Department as income from other sources was not elaborated upon in the judgment. en-us Tue, 20 Jul 2021 00:00:00 +0530 Thu, 22 Jul 2021 08:56:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409994 The Tribunal partly allowed the appeal of the assessee, setting aside the disallowance of interest claimed for construction purposes and dismissing the Revenue's appeal on the restriction of interest deduction. The Tribunal emphasized the proper utilization of borrowed funds for allowable deductions and consistency in decisions based on past judgments. The declared business loss disallowed by the AO was dismissed as the issue was not pressed during the appeal. The treatment of interest received from the Income Tax Department as income from other sources was not elaborated upon in the judgment. Case-Laws Income Tax Tue, 20 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409994