https://www.taxtmi.com/caselaws?id=421296 The Tribunal allowed the appeal by the assessee, directing the Assessing Officer to permit the deduction of interest expenditure claimed under section 36(1)(iii) of the Act. The decision was based on the consistent accounting treatment and the business purpose of the borrowed funds, aligning with precedents such as CIT v/s National Standard Private Limited. The Tribunal emphasized the allowance of such deductions for interest expenses related to business activities, overturning the disallowance upheld by the CIT(A) and referencing relevant judicial decisions like DCIT v/s Palava Dwellers Pvt. Ltd. en-us Fri, 08 Apr 2022 00:00:00 +0530 Wed, 20 Apr 2022 09:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421296 The Tribunal allowed the appeal by the assessee, directing the Assessing Officer to permit the deduction of interest expenditure claimed under section 36(1)(iii) of the Act. The decision was based on the consistent accounting treatment and the business purpose of the borrowed funds, aligning with precedents such as CIT v/s National Standard Private Limited. The Tribunal emphasized the allowance of such deductions for interest expenses related to business activities, overturning the disallowance upheld by the CIT(A) and referencing relevant judicial decisions like DCIT v/s Palava Dwellers Pvt. Ltd. Case-Laws Income Tax Fri, 08 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421296