https://www.taxtmi.com/caselaws?id=427145 The High Court upheld the decisions of the CIT(A) and ITAT, dismissing the appellant's appeal as no substantial question of law was found. The disallowance of interest expenditure under Section 36(1)(iii) was upheld as the borrowed funds were found to be part of business activity. Additionally, the addition made under Section 14A was deleted as the appellant's own funds exceeded investments, and Rule 8D was deemed inapplicable. The Court relied on legal precedents and concurrent findings of the appellate authorities in reaching its decision. en-us Wed, 24 Aug 2022 00:00:00 +0530 Fri, 02 Sep 2022 07:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427145 The High Court upheld the decisions of the CIT(A) and ITAT, dismissing the appellant's appeal as no substantial question of law was found. The disallowance of interest expenditure under Section 36(1)(iii) was upheld as the borrowed funds were found to be part of business activity. Additionally, the addition made under Section 14A was deleted as the appellant's own funds exceeded investments, and Rule 8D was deemed inapplicable. The Court relied on legal precedents and concurrent findings of the appellate authorities in reaching its decision. Case-Laws Income Tax Wed, 24 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427145