https://www.taxtmi.com/caselaws?id=436207 The Supreme Court condoned the delay in filing the appeal due to the Covid-19 pandemic and admitted it for adjudication. The appellant's claim for deduction of interest paid to Canara Bank was initially disallowed by the AO and CIT(A) citing penal nature and non-deduction of TDS. However, following a precedent favoring deduction for interest expenditure on loans borrowed for business purposes, the Tribunal allowed the deduction claimed by the appellant. The Tribunal also remitted the matter back to the AO to verify the TDS issue with specific instructions, ultimately allowing the appeal for statistical purposes. en-us Fri, 24 Mar 2023 00:00:00 +0530 Thu, 06 Apr 2023 17:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436207 The Supreme Court condoned the delay in filing the appeal due to the Covid-19 pandemic and admitted it for adjudication. The appellant's claim for deduction of interest paid to Canara Bank was initially disallowed by the AO and CIT(A) citing penal nature and non-deduction of TDS. However, following a precedent favoring deduction for interest expenditure on loans borrowed for business purposes, the Tribunal allowed the deduction claimed by the appellant. The Tribunal also remitted the matter back to the AO to verify the TDS issue with specific instructions, ultimately allowing the appeal for statistical purposes. Case-Laws Income Tax Fri, 24 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436207