https://www.taxtmi.com/caselaws?id=416162 The Tribunal ruled in favor of the assessee, directing the Commissioner of Income Tax (Appeals) to delete the disallowance of interest under Section 36(1)(iii) as the borrowed funds were used for business purposes. The Tribunal emphasized that since no exempt income was earned, the disallowance under Section 14A was deleted, and introducing a new issue of interest disallowance under Section 36(1)(iii) was not permissible as it was not part of the appeal. The appeal was upheld, and the assessee's grounds were allowed. en-us Fri, 26 Nov 2021 00:00:00 +0530 Wed, 22 Dec 2021 07:51:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416162 The Tribunal ruled in favor of the assessee, directing the Commissioner of Income Tax (Appeals) to delete the disallowance of interest under Section 36(1)(iii) as the borrowed funds were used for business purposes. The Tribunal emphasized that since no exempt income was earned, the disallowance under Section 14A was deleted, and introducing a new issue of interest disallowance under Section 36(1)(iii) was not permissible as it was not part of the appeal. The appeal was upheld, and the assessee's grounds were allowed. Case-Laws Income Tax Fri, 26 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416162