https://www.taxtmi.com/caselaws?id=776010 The ITAT Mumbai upheld the CIT(A)'s decision allowing interest expense deductions, finding the assessee sufficiently proved the business purpose of investment under Section 36(1)(iii), consistent with prior years. The tribunal rejected the revenue's challenge due to lack of new evidence. Regarding interest on industrial land allotment, the ITAT ruled only interest for the relevant year is deductible, affirming CIT(A)'s findings and dismissing the disallowance. On prior period expenses, the tribunal agreed with CIT(A) that the liability crystallized in the year under consideration, making the expenses allowable. Consequently, all grounds raised by the revenue were dismissed, and relief was granted to the assessee. en-us Mon, 09 Jun 2025 00:00:00 +0530 Mon, 04 Aug 2025 08:28:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776010 The ITAT Mumbai upheld the CIT(A)'s decision allowing interest expense deductions, finding the assessee sufficiently proved the business purpose of investment under Section 36(1)(iii), consistent with prior years. The tribunal rejected the revenue's challenge due to lack of new evidence. Regarding interest on industrial land allotment, the ITAT ruled only interest for the relevant year is deductible, affirming CIT(A)'s findings and dismissing the disallowance. On prior period expenses, the tribunal agreed with CIT(A) that the liability crystallized in the year under consideration, making the expenses allowable. Consequently, all grounds raised by the revenue were dismissed, and relief was granted to the assessee. Case-Laws Income Tax Mon, 09 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776010