https://www.taxtmi.com/caselaws?id=423231 The Tribunal allowed the appeal, holding that interest on borrowed funds for investments was deductible under Section 36(1)(iii) of the Income-tax Act, 1961. The disallowance was set aside as the borrowed funds were used for business purposes by a non-banking financial company. The Tribunal emphasized the relevance of the nature of the Assessee's business activities in determining the allowability of interest expenses, deleting the addition under challenge. en-us Tue, 31 May 2022 00:00:00 +0530 Thu, 02 Jun 2022 15:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423231 The Tribunal allowed the appeal, holding that interest on borrowed funds for investments was deductible under Section 36(1)(iii) of the Income-tax Act, 1961. The disallowance was set aside as the borrowed funds were used for business purposes by a non-banking financial company. The Tribunal emphasized the relevance of the nature of the Assessee's business activities in determining the allowability of interest expenses, deleting the addition under challenge. Case-Laws Income Tax Tue, 31 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423231