https://www.taxtmi.com/caselaws?id=310207 The Appellate Tribunal allowed the appeal filed by the assessee, overturning the disallowance of interest expenditure of Rs. 6,45,531/- against interest income under Section 57(iii) of the Income Tax Act. The Tribunal found that the borrowed funds were utilized for the purpose of earning interest income, meeting the criteria of being expended wholly and exclusively for generating income. Consequently, the Tribunal set aside the lower authorities' decisions, vacating the disallowance made by the Assessing Officer. The appeal was granted in favor of the assessee on May 23, 2022. en-us Mon, 23 May 2022 00:00:00 +0530 Thu, 12 Oct 2023 10:31:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310207 The Appellate Tribunal allowed the appeal filed by the assessee, overturning the disallowance of interest expenditure of Rs. 6,45,531/- against interest income under Section 57(iii) of the Income Tax Act. The Tribunal found that the borrowed funds were utilized for the purpose of earning interest income, meeting the criteria of being expended wholly and exclusively for generating income. Consequently, the Tribunal set aside the lower authorities' decisions, vacating the disallowance made by the Assessing Officer. The appeal was granted in favor of the assessee on May 23, 2022. Case-Laws Income Tax Mon, 23 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310207