https://www.taxtmi.com/caselaws?id=417018 The tribunal ruled in favor of the assessee in ITA No. 535/Hyd/2018, overturning the disallowance of interest expenditure of Rs. 80,96,491 and addition of Rs. 3 Crs under section 68. It found the disallowance of interest inappropriate due to lack of nexus between borrowed funds and professional income, emphasizing the right to use interest-free capital for non-professional purposes. Additionally, it confirmed the nature of the Rs. 3 Crs payment as professional income for medical services, overturning the Ld. Pr. CIT's decision and allowing the assessee's appeals. en-us Thu, 06 Jan 2022 00:00:00 +0530 Thu, 13 Jan 2022 09:00:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417018 The tribunal ruled in favor of the assessee in ITA No. 535/Hyd/2018, overturning the disallowance of interest expenditure of Rs. 80,96,491 and addition of Rs. 3 Crs under section 68. It found the disallowance of interest inappropriate due to lack of nexus between borrowed funds and professional income, emphasizing the right to use interest-free capital for non-professional purposes. Additionally, it confirmed the nature of the Rs. 3 Crs payment as professional income for medical services, overturning the Ld. Pr. CIT's decision and allowing the assessee's appeals. Case-Laws Income Tax Thu, 06 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417018