https://www.taxtmi.com/caselaws?id=436360 The tribunal upheld the decision regarding the interest expenditure claimed by the assessee, dismissing the revenue's appeal on 31st March, 2023. Despite initial disallowance by the assessing officer, the CIT(A) found that the borrowed funds were utilized for business activities, supported by documents establishing the lender company's existence and business operations. The tribunal affirmed the genuineness of the transaction based on assessments of both parties and evidence provided, ultimately ruling in favor of the assessee. en-us Fri, 31 Mar 2023 00:00:00 +0530 Tue, 11 Apr 2023 09:12:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436360 The tribunal upheld the decision regarding the interest expenditure claimed by the assessee, dismissing the revenue's appeal on 31st March, 2023. Despite initial disallowance by the assessing officer, the CIT(A) found that the borrowed funds were utilized for business activities, supported by documents establishing the lender company's existence and business operations. The tribunal affirmed the genuineness of the transaction based on assessments of both parties and evidence provided, ultimately ruling in favor of the assessee. Case-Laws Income Tax Fri, 31 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436360