https://www.taxtmi.com/caselaws?id=462292 Gujarat HC ruled in favor of the assessee regarding interest expenditure on borrowed funds for share application business. The court held that interest expenses incurred for business urgency qualify as allowable business expenditure under Section 36(1)(iii) of the Income Tax Act. The court distinguished previous judgments cited by the revenue department, finding them inapplicable to the present case facts, and allowed the business deduction. en-us Mon, 11 Jul 2016 00:00:00 +0530 Sat, 07 Jun 2025 22:29:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462292 Gujarat HC ruled in favor of the assessee regarding interest expenditure on borrowed funds for share application business. The court held that interest expenses incurred for business urgency qualify as allowable business expenditure under Section 36(1)(iii) of the Income Tax Act. The court distinguished previous judgments cited by the revenue department, finding them inapplicable to the present case facts, and allowed the business deduction. Case-Laws Income Tax Mon, 11 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462292