https://www.taxtmi.com/caselaws?id=443980 The Appellate Tribunal ITAT Chennai allowed the appeal filed by the assessee, directing the Assessing Officer to delete the disallowance of interest paid under section 36(1)(iii) of the Income Tax Act. The Tribunal held that once the asset is ready for use in the business, even if revenue is not generated immediately, the interest on borrowed capital should be allowed as a deduction. The disallowance under section 36(1)(iii) was deemed unjustified, leading to its deletion by the Tribunal. en-us Wed, 27 Sep 2023 00:00:00 +0530 Fri, 06 Oct 2023 08:19:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443980 The Appellate Tribunal ITAT Chennai allowed the appeal filed by the assessee, directing the Assessing Officer to delete the disallowance of interest paid under section 36(1)(iii) of the Income Tax Act. The Tribunal held that once the asset is ready for use in the business, even if revenue is not generated immediately, the interest on borrowed capital should be allowed as a deduction. The disallowance under section 36(1)(iii) was deemed unjustified, leading to its deletion by the Tribunal. Case-Laws Income Tax Wed, 27 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443980