Assessee was engaged in business of asset management services.  It had acquired a land for purpose of business by taking a loan  Assessing Officer disallowed interest paid by assessee on loan on ground that loan amount  was used by assessee for purchasing land which was an agricultural land and on which assessee had cultivated tapioca. High Court hed  that land was shown as a business asset in balance sheet of company but said land was used for agricultural purposes, which yielded agricultural income. High Court held that since there was no evidence to show that land was used for purpose of business of assessee, interest paid in respect of loan borrowed for purchasing said land could not be allowed as a deduction under section 36(1)(iii). SLP filed against  order of High court was  dismissed as withdrawn (AY. 2012-13)