https://www.taxtmi.com/caselaws?id=464013 ITAT MUMBAI - AT allowed the appeal and set aside the disallowance of interest under Sec. 36(1)(iii). The assessee, a medical practitioner who also traded in shares, had disclosed income from profession, share trading, dividends, house property and other sources. Loans from NBFCs and banks were prima facie applied to share trading, and the department failed to demonstrate diversion of borrowed funds to non-business purposes. On the facts and disclosed income, the tribunal held the disallowance unsustainable. en-us Mon, 28 Mar 2022 00:00:00 +0530 Fri, 26 Sep 2025 20:09:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464013 ITAT MUMBAI - AT allowed the appeal and set aside the disallowance of interest under Sec. 36(1)(iii). The assessee, a medical practitioner who also traded in shares, had disclosed income from profession, share trading, dividends, house property and other sources. Loans from NBFCs and banks were prima facie applied to share trading, and the department failed to demonstrate diversion of borrowed funds to non-business purposes. On the facts and disclosed income, the tribunal held the disallowance unsustainable. Case-Laws Income Tax Mon, 28 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464013