https://www.taxtmi.com/caselaws?id=60536 The ITAT allowed the appeal filed by the assessee-company, overturning the disallowance of interest expenditure of Rs. 7,20,000. The ITAT directed the AO to permit the deduction under section 36(1)(iii) of the IT Act, 1961, emphasizing that the interest payment was in line with the business activities of the company and related to the main business object of investing in shares and securities. The ITAT rejected the Revenue's contention and concluded that the interest paid on the advance for the acquisition of shares was allowable. en-us Tue, 07 Aug 2001 00:00:00 +0530 Wed, 05 Jan 2011 18:02:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60536 The ITAT allowed the appeal filed by the assessee-company, overturning the disallowance of interest expenditure of Rs. 7,20,000. The ITAT directed the AO to permit the deduction under section 36(1)(iii) of the IT Act, 1961, emphasizing that the interest payment was in line with the business activities of the company and related to the main business object of investing in shares and securities. The ITAT rejected the Revenue's contention and concluded that the interest paid on the advance for the acquisition of shares was allowable. Case-Laws Income Tax Tue, 07 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60536