https://www.taxtmi.com/caselaws?id=305104 The Tribunal upheld the CIT(A)'s decision to allow the deduction of interest expenses under Section 36(1)(iii) for the assessee engaged in land development and real estate. The Tribunal emphasized that interest on funds borrowed for business purposes is deductible, citing relevant judicial precedents. The revenue's appeal was dismissed, affirming that interest expenses related to business operations are allowable deductions, regardless of whether they are capitalized in the books. en-us Tue, 26 Apr 2022 00:00:00 +0530 Wed, 16 Nov 2022 21:46:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305104 The Tribunal upheld the CIT(A)'s decision to allow the deduction of interest expenses under Section 36(1)(iii) for the assessee engaged in land development and real estate. The Tribunal emphasized that interest on funds borrowed for business purposes is deductible, citing relevant judicial precedents. The revenue's appeal was dismissed, affirming that interest expenses related to business operations are allowable deductions, regardless of whether they are capitalized in the books. Case-Laws Income Tax Tue, 26 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305104