https://www.taxtmi.com/caselaws?id=301780 The Tribunal upheld the Ld. CIT(A)'s decisions on both issues. The deletion of interest disallowance under section 36(1)(iii) was allowed, emphasizing that interest paid for capital borrowed for business purposes constitutes an allowable deduction. The set-off of brought forward losses was also permitted as the provisions of Sec.79 were deemed inapplicable to the assessee, a company in which the public was substantially interested. Consequently, the appeal was dismissed in favor of the assessee. en-us Mon, 05 Apr 2021 00:00:00 +0530 Tue, 19 Apr 2022 21:06:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301780 The Tribunal upheld the Ld. CIT(A)'s decisions on both issues. The deletion of interest disallowance under section 36(1)(iii) was allowed, emphasizing that interest paid for capital borrowed for business purposes constitutes an allowable deduction. The set-off of brought forward losses was also permitted as the provisions of Sec.79 were deemed inapplicable to the assessee, a company in which the public was substantially interested. Consequently, the appeal was dismissed in favor of the assessee. Case-Laws Income Tax Mon, 05 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301780