https://www.taxtmi.com/caselaws?id=416818 The ITAT partly allowed the revenue's appeal, upholding the disallowance of interest expenditure under section 36(1)(iii) while restricting the addition to Rs. 11,03,57,441/-. The reopening of the assessment was deemed valid based on the reasons recorded by the AO. The judgment emphasizes the importance of the proper utilization of borrowed funds for business purposes under section 36(1)(iii). en-us Tue, 04 Jan 2022 00:00:00 +0530 Sat, 08 Jan 2022 09:49:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416818 The ITAT partly allowed the revenue's appeal, upholding the disallowance of interest expenditure under section 36(1)(iii) while restricting the addition to Rs. 11,03,57,441/-. The reopening of the assessment was deemed valid based on the reasons recorded by the AO. The judgment emphasizes the importance of the proper utilization of borrowed funds for business purposes under section 36(1)(iii). Case-Laws Income Tax Tue, 04 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416818