https://www.taxtmi.com/caselaws?id=425665 The ITAT allowed the assessee's appeal, setting aside the disallowance of claimed interest expenses under Sec. 57 of the Income Tax Act. The ITAT also permitted the deduction of interest paid on loans, leading to a reduction in the assessed income confirmed by the CIT(A). The maintainability of the deduction claim under Sec. 57(iii) was upheld for interest paid on borrowed funds from specific entities, ensuring consistency with previous treatment and legal precedents. en-us Tue, 26 Jul 2022 00:00:00 +0530 Thu, 28 Jul 2022 09:13:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425665 The ITAT allowed the assessee's appeal, setting aside the disallowance of claimed interest expenses under Sec. 57 of the Income Tax Act. The ITAT also permitted the deduction of interest paid on loans, leading to a reduction in the assessed income confirmed by the CIT(A). The maintainability of the deduction claim under Sec. 57(iii) was upheld for interest paid on borrowed funds from specific entities, ensuring consistency with previous treatment and legal precedents. Case-Laws Income Tax Tue, 26 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425665