https://www.taxtmi.com/caselaws?id=442591 The Tribunal ruled in favor of the assessee in a case involving the disallowance of interest expenses by the Assessing Officer under various sections of the Income Tax Act. The Tribunal restored the issues to the AO and subsequently directed the AO to delete the disallowances related to interest expenses on loans utilized for business purposes, resulting in a revised assessed income in favor of the assessee. Additionally, the Tribunal overturned the disallowance of interest paid to LIC and HDFC, allowing the appeal and ruling in favor of the assessee regarding the interest payments to these lenders. en-us Wed, 30 Aug 2023 00:00:00 +0530 Tue, 05 Sep 2023 08:41:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442591 The Tribunal ruled in favor of the assessee in a case involving the disallowance of interest expenses by the Assessing Officer under various sections of the Income Tax Act. The Tribunal restored the issues to the AO and subsequently directed the AO to delete the disallowances related to interest expenses on loans utilized for business purposes, resulting in a revised assessed income in favor of the assessee. Additionally, the Tribunal overturned the disallowance of interest paid to LIC and HDFC, allowing the appeal and ruling in favor of the assessee regarding the interest payments to these lenders. Case-Laws Income Tax Wed, 30 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442591