https://www.taxtmi.com/caselaws?id=415102 The court ruled in favor of the assessee, allowing the deduction of interest paid under Section 57(iii) of the Income Tax Act, 1961. The court emphasized the limited jurisdiction of the tribunal in disallowing interest expenditure and held that the tribunal had overstepped its authority by disallowing the entire interest expenditure. As a result, the court quashed the tribunal's order and allowed the appeal in favor of the assessee. en-us Fri, 19 Nov 2021 00:00:00 +0530 Sat, 20 Aug 2022 18:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415102 The court ruled in favor of the assessee, allowing the deduction of interest paid under Section 57(iii) of the Income Tax Act, 1961. The court emphasized the limited jurisdiction of the tribunal in disallowing interest expenditure and held that the tribunal had overstepped its authority by disallowing the entire interest expenditure. As a result, the court quashed the tribunal's order and allowed the appeal in favor of the assessee. Case-Laws Income Tax Fri, 19 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415102