https://www.taxtmi.com/caselaws?id=307849 The Tribunal allowed the appeal, overturning the disallowance of interest under section 36(1)(iii) of the Income Tax Act, 1961. It found that the borrowed funds were indeed utilized for business purposes, satisfying the statutory conditions. The Tribunal emphasized the lack of connection between the borrowed funds and interest-free transactions, leading to the deletion of the disallowance amount of Rs.45,06,817. en-us Wed, 21 Mar 2018 00:00:00 +0530 Thu, 11 May 2023 21:19:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307849 The Tribunal allowed the appeal, overturning the disallowance of interest under section 36(1)(iii) of the Income Tax Act, 1961. It found that the borrowed funds were indeed utilized for business purposes, satisfying the statutory conditions. The Tribunal emphasized the lack of connection between the borrowed funds and interest-free transactions, leading to the deletion of the disallowance amount of Rs.45,06,817. Case-Laws Income Tax Wed, 21 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307849