https://www.taxtmi.com/caselaws?id=417320 The Tribunal found no basis for the disallowance of interest expenses under section 36(1)(iii) of the Income Tax Act, 1961 for the assessment year 2015-16. It held that there was no diversion of interest bearing funds, leading to the deletion of the entire disallowance made by the Assessing Officer. The Tribunal dismissed the Revenue's appeal and allowed the assessee's cross objection, resulting in the deletion of the disallowance. en-us Wed, 08 Dec 2021 00:00:00 +0530 Thu, 20 Jan 2022 08:26:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417320 The Tribunal found no basis for the disallowance of interest expenses under section 36(1)(iii) of the Income Tax Act, 1961 for the assessment year 2015-16. It held that there was no diversion of interest bearing funds, leading to the deletion of the entire disallowance made by the Assessing Officer. The Tribunal dismissed the Revenue's appeal and allowed the assessee's cross objection, resulting in the deletion of the disallowance. Case-Laws Income Tax Wed, 08 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417320