https://www.taxtmi.com/caselaws?id=413445 The Tribunal allowed the appeal, overturning the disallowance of interest expenditure amounting to Rs. 1,46,785 under section 36(1)(iii) of the Income Tax Act. The Tribunal found that the interest expenditure was incurred for business purposes as the property was purchased for business use, and the loan was taken from a co-owner of the property. The Tribunal noted that the property was a commercial space jointly purchased by the assessee and the co-owner, with proper documentation and tax compliance. The appeal was allowed in favor of the assessee on 31/08/2021. en-us Tue, 31 Aug 2021 00:00:00 +0530 Tue, 12 Oct 2021 09:29:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413445 The Tribunal allowed the appeal, overturning the disallowance of interest expenditure amounting to Rs. 1,46,785 under section 36(1)(iii) of the Income Tax Act. The Tribunal found that the interest expenditure was incurred for business purposes as the property was purchased for business use, and the loan was taken from a co-owner of the property. The Tribunal noted that the property was a commercial space jointly purchased by the assessee and the co-owner, with proper documentation and tax compliance. The appeal was allowed in favor of the assessee on 31/08/2021. Case-Laws Income Tax Tue, 31 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413445