https://www.taxtmi.com/highlights?id=77878 The Kerala High Court disallowed interest expense claimed by the appellant u/s 36 of the Income Tax Act as it was incurred on a loan used to purchase agricultural land for cultivating tapioca, not for business purposes. The court held that despite the land being shown as a business asset, there was no evidence of its use for business. The land generated agricultural income exempt u/s 10(1), making the interest expense non-deductible u/s 36(iii) due to Section 14A. The decision favored the revenue. en-us Tue, 28 May 2024 07:35:52 +0530 Tue, 28 May 2024 07:35:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=77878 The Kerala High Court disallowed interest expense claimed by the appellant u/s 36 of the Income Tax Act as it was incurred on a loan used to purchase agricultural land for cultivating tapioca, not for business purposes. The court held that despite the land being shown as a business asset, there was no evidence of its use for business. The land generated agricultural income exempt u/s 10(1), making the interest expense non-deductible u/s 36(iii) due to Section 14A. The decision favored the revenue. Highlights Income Tax Tue, 28 May 2024 07:35:52 +0530 https://www.taxtmi.com/highlights?id=77878