https://www.taxtmi.com/caselaws?id=449742 The Court affirmed the decisions of the CIT(A) and ITAT, allowing the disallowance of interest expenses and upfront fees claimed under Section 36(1)(iii) of the Income Tax Act, 1961. It was determined that the funds were used for business purposes, specifically for the subsidiary's telecom business, and were commercially expedient. The Revenue's appeal was dismissed, upholding the view that the interest and fees were allowable as they were incurred for business activities. In a separate matter, Income Tax Appeal No. 434 of 2018 was adjourned to February 2024. en-us Wed, 14 Feb 2024 00:00:00 +0530 Mon, 19 Feb 2024 07:32:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449742 The Court affirmed the decisions of the CIT(A) and ITAT, allowing the disallowance of interest expenses and upfront fees claimed under Section 36(1)(iii) of the Income Tax Act, 1961. It was determined that the funds were used for business purposes, specifically for the subsidiary's telecom business, and were commercially expedient. The Revenue's appeal was dismissed, upholding the view that the interest and fees were allowable as they were incurred for business activities. In a separate matter, Income Tax Appeal No. 434 of 2018 was adjourned to February 2024. Case-Laws Income Tax Wed, 14 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449742