https://www.taxtmi.com/caselaws?id=417571 The Tribunal allowed the appeal, overturning the disallowance of the interest component under section 36(1)(iii) for Assessment Year 2016-17. Emphasizing the necessity of establishing a connection between expenditure and business purposes, the Tribunal found in favor of the appellant, citing commercial expediency and the nexus between borrowed funds and investments made. The disallowance of Rs. 10.72 Lacs was deleted based on the Tribunal's analysis, aligning with relevant legal precedents from the Hon'ble Supreme Court and the High Court of Madras. en-us Mon, 17 Jan 2022 00:00:00 +0530 Tue, 25 Jan 2022 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417571 The Tribunal allowed the appeal, overturning the disallowance of the interest component under section 36(1)(iii) for Assessment Year 2016-17. Emphasizing the necessity of establishing a connection between expenditure and business purposes, the Tribunal found in favor of the appellant, citing commercial expediency and the nexus between borrowed funds and investments made. The disallowance of Rs. 10.72 Lacs was deleted based on the Tribunal's analysis, aligning with relevant legal precedents from the Hon'ble Supreme Court and the High Court of Madras. Case-Laws Income Tax Mon, 17 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417571