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2016 (4) TMI 1127 - AT - Income TaxDisallowance of interest paid by the appellant to the bank as well as to the other parties - Held that:- The assessee was able to establish that he had incurred the expenditure wholly and exclusively for the purpose of business and therefore there is no justification for the revenue to disallowance the interest component. The revenue cannot claim to put itself in the armchair of the businessman and decide how much is reasonable expenditure. The revenue is required to examine the issue from the perspective of the prudent businessmen rather from its own angle. Revenue authorities have failed to bring on record any cogent evidence and material to show that the borrowed funds have been utilized for the purposes of investment and were not used for the business purposes - Decided in favour of assessee
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