https://www.taxtmi.com/caselaws?id=464286 ITAT allowed the appeal, holding the assessee was entitled to deduct interest under s.36(1)(iii) where loan funds were used for business despite being misclassified under s.57(iii) in filings. The tribunal found the loan application to the business established from the accounts and capital entries, and noted genuineness of interest was not disputed. It directed the AO to delete the addition and permit the correct deduction, reversing the orders below. en-us Fri, 07 Dec 2018 00:00:00 +0530 Thu, 16 Oct 2025 08:30:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464286 ITAT allowed the appeal, holding the assessee was entitled to deduct interest under s.36(1)(iii) where loan funds were used for business despite being misclassified under s.57(iii) in filings. The tribunal found the loan application to the business established from the accounts and capital entries, and noted genuineness of interest was not disputed. It directed the AO to delete the addition and permit the correct deduction, reversing the orders below. Case-Laws Income Tax Fri, 07 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464286