https://www.taxtmi.com/caselaws?id=413743 The Tribunal overturned the disallowance of interest expenses amounting to Rs. 30 lakhs under section 36(1)(iii) of the IT Act. The Tribunal found that the interest paid was for earning interest income as part of the company's finance and investment business, emphasizing the genuine business purpose behind the expenses. Relying on legal precedents, including a Delhi High Court decision, the Tribunal concluded that no disallowance of interest was justified, directing the Assessing Officer to delete the addition of interest expenses and allowing the appeal filed by the assessee. en-us Thu, 14 Oct 2021 00:00:00 +0530 Tue, 19 Oct 2021 08:24:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413743 The Tribunal overturned the disallowance of interest expenses amounting to Rs. 30 lakhs under section 36(1)(iii) of the IT Act. The Tribunal found that the interest paid was for earning interest income as part of the company's finance and investment business, emphasizing the genuine business purpose behind the expenses. Relying on legal precedents, including a Delhi High Court decision, the Tribunal concluded that no disallowance of interest was justified, directing the Assessing Officer to delete the addition of interest expenses and allowing the appeal filed by the assessee. Case-Laws Income Tax Thu, 14 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413743