https://www.taxtmi.com/caselaws?id=444694 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decision to allow the interest deduction claimed by the assessee. The Tribunal agreed that the assessee complied with the conditions under Section 36(1)(iii) of the Income Tax Act, and the proviso disallowing interest for capital borrowed did not apply. The CIT(A)'s order was supported by the consistent treatment of similar claims in other assessment years, with no evidence of double benefits claimed. The AO's change in stance for AY 2016-17 was not justified, leading to the dismissal of the appeal. en-us Tue, 17 Oct 2023 00:00:00 +0530 Fri, 20 Oct 2023 10:13:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444694 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decision to allow the interest deduction claimed by the assessee. The Tribunal agreed that the assessee complied with the conditions under Section 36(1)(iii) of the Income Tax Act, and the proviso disallowing interest for capital borrowed did not apply. The CIT(A)'s order was supported by the consistent treatment of similar claims in other assessment years, with no evidence of double benefits claimed. The AO's change in stance for AY 2016-17 was not justified, leading to the dismissal of the appeal. Case-Laws Income Tax Tue, 17 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444694