TMI BlogDisallowance of the interest expenditure on the loan taken by the assessee - The transactions are driven...Disallowance of the interest expenditure on the loan taken by the assessee - The transactions are driven by business considerations and are part of the commercial expediency, we are of the considered opinion that the disallowance of interest expense on loan taken for purposes of business and against which interest income has been earned and offered to tax is unwarranted and the same qualifies to be allowed u/s.36(1)(iii)/S.37(l). - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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