https://www.taxtmi.com/caselaws?id=413170 The Tribunal upheld the decision of Ld. CIT(A) and dismissed the revenue's appeal regarding the disallowance of interest expenditure of Rs. 5.75 crores for the assessment year 2015-16. The Tribunal found that the interest expenditure was allowable as it was utilized for legitimate business purposes, as clarified by the assessee's submissions. The Tribunal noted that the loans were reshuffled between lenders without diverting funds to related concerns, as alleged by the A.O., and concluded that there was no reason to interfere with the Ld. CIT(A)'s decision. en-us Tue, 28 Sep 2021 00:00:00 +0530 Wed, 06 Oct 2021 08:46:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413170 The Tribunal upheld the decision of Ld. CIT(A) and dismissed the revenue's appeal regarding the disallowance of interest expenditure of Rs. 5.75 crores for the assessment year 2015-16. The Tribunal found that the interest expenditure was allowable as it was utilized for legitimate business purposes, as clarified by the assessee's submissions. The Tribunal noted that the loans were reshuffled between lenders without diverting funds to related concerns, as alleged by the A.O., and concluded that there was no reason to interfere with the Ld. CIT(A)'s decision. Case-Laws Income Tax Tue, 28 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413170