https://www.taxtmi.com/caselaws?id=756412 The Delhi HC upheld the disallowance of interest deduction under Section 36(1)(iii) as the assessee failed to demonstrate that its wholly owned subsidiary operated in the same line of business, thus not meeting the statutory prerequisites for claiming the deduction. The ITAT's decision based on AY 2009-2010 precedent was found insufficient to sustain the claimed benefits. However, regarding disallowance under Section 14A, the Revenue conceded the issue should be decided against them following the Era Infrastructure precedent, indicating the assessee's favor on this aspect. en-us Fri, 02 Feb 2024 00:00:00 +0530 Thu, 01 Aug 2024 15:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756412 The Delhi HC upheld the disallowance of interest deduction under Section 36(1)(iii) as the assessee failed to demonstrate that its wholly owned subsidiary operated in the same line of business, thus not meeting the statutory prerequisites for claiming the deduction. The ITAT's decision based on AY 2009-2010 precedent was found insufficient to sustain the claimed benefits. However, regarding disallowance under Section 14A, the Revenue conceded the issue should be decided against them following the Era Infrastructure precedent, indicating the assessee's favor on this aspect. Case-Laws Income Tax Fri, 02 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756412