https://www.taxtmi.com/caselaws?id=768733 ITAT Mumbai held that disallowance of interest expenses under section 57(iii) was unsustainable. The assessee had borrowed funds exceeding amounts lent and voluntarily disallowed proportionate interest expenses in income computation. Since borrowed funds were directly invested in company with interest payments properly adjusted against corresponding loans, following coordinate bench precedent from AY 2020-21, the addition made by AO was deleted. Appeal decided in favor of assessee. en-us Wed, 09 Apr 2025 00:00:00 +0530 Sat, 12 Apr 2025 08:39:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768733 ITAT Mumbai held that disallowance of interest expenses under section 57(iii) was unsustainable. The assessee had borrowed funds exceeding amounts lent and voluntarily disallowed proportionate interest expenses in income computation. Since borrowed funds were directly invested in company with interest payments properly adjusted against corresponding loans, following coordinate bench precedent from AY 2020-21, the addition made by AO was deleted. Appeal decided in favor of assessee. Case-Laws Income Tax Wed, 09 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768733