https://www.taxtmi.com/caselaws?id=302719 The Tribunal overturned the disallowance of interest amounting to Rs. 25,93,056 by the AO and confirmed by the CIT(A). The appellant, engaged in land development and construction, successfully argued that the interest was related to business activities and supported by a resolution passed by the Board of Directors. The Tribunal emphasized that once the genuineness and purpose of the loans were established, the interest deduction could not be disallowed. Consequently, the Tribunal ruled in favor of the appellant, allowing the interest claim and overturning the initial disallowance. en-us Fri, 03 Aug 2018 00:00:00 +0530 Tue, 14 Jun 2022 08:28:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302719 The Tribunal overturned the disallowance of interest amounting to Rs. 25,93,056 by the AO and confirmed by the CIT(A). The appellant, engaged in land development and construction, successfully argued that the interest was related to business activities and supported by a resolution passed by the Board of Directors. The Tribunal emphasized that once the genuineness and purpose of the loans were established, the interest deduction could not be disallowed. Consequently, the Tribunal ruled in favor of the appellant, allowing the interest claim and overturning the initial disallowance. Case-Laws Income Tax Fri, 03 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302719