https://www.taxtmi.com/caselaws?id=441832 The tribunal allowed the assessee's appeal, directing the Assessing Officer to grant the deduction of interest expenditure of Rs. 4,05,206 for the assessment year 2016-17. The tribunal found that the interest expenditure was incurred wholly and exclusively for earning interest income, as the borrowed funds were used to grant a loan to a group concern. The Assessing Officer's disallowance was overturned, and the tribunal set aside the Commissioner of Income Tax (Appeals) order, upholding the assessee's contention. en-us Sun, 14 May 2023 00:00:00 +0530 Fri, 18 Aug 2023 08:46:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441832 The tribunal allowed the assessee's appeal, directing the Assessing Officer to grant the deduction of interest expenditure of Rs. 4,05,206 for the assessment year 2016-17. The tribunal found that the interest expenditure was incurred wholly and exclusively for earning interest income, as the borrowed funds were used to grant a loan to a group concern. The Assessing Officer's disallowance was overturned, and the tribunal set aside the Commissioner of Income Tax (Appeals) order, upholding the assessee's contention. Case-Laws Income Tax Sun, 14 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441832