https://www.taxtmi.com/caselaws?id=471628 Interest expenditure on borrowings used for business purposes is deductible where industrial land serves as a storage yard for trading inventory. Transport records established business use of the land for storing bulky iron and steel goods, for which open storage was commercially necessary. Capital and interest-free loans exceeding the land investment supported the presumption that the acquisition was funded from interest-free sources. In the absence of defects in the supporting records or adverse verification, disallowance of interest expenditure was unsustainable and was deleted. en-us Tue, 07 Jul 2026 00:00:00 +0530 Fri, 11 Sep 2026 11:03:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471628 Interest expenditure on borrowings used for business purposes is deductible where industrial land serves as a storage yard for trading inventory. Transport records established business use of the land for storing bulky iron and steel goods, for which open storage was commercially necessary. Capital and interest-free loans exceeding the land investment supported the presumption that the acquisition was funded from interest-free sources. In the absence of defects in the supporting records or adverse verification, disallowance of interest expenditure was unsustainable and was deleted. Case-Laws Income Tax Tue, 07 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471628