https://www.taxtmi.com/caselaws?id=415539 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete the disallowance under Section 36(1)(iii) of the Income Tax Act. The ITAT agreed that interest paid on capital borrowed for business purposes should be deductible in the year it was paid, in line with judicial precedents and the Act. The Revenue's appeal was dismissed, affirming the CIT(A)'s ruling and supporting the taxpayer's treatment of interest expenses. en-us Tue, 30 Nov 2021 00:00:00 +0530 Wed, 08 Dec 2021 08:57:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415539 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete the disallowance under Section 36(1)(iii) of the Income Tax Act. The ITAT agreed that interest paid on capital borrowed for business purposes should be deductible in the year it was paid, in line with judicial precedents and the Act. The Revenue's appeal was dismissed, affirming the CIT(A)'s ruling and supporting the taxpayer's treatment of interest expenses. Case-Laws Income Tax Tue, 30 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415539