Allowing the appeal of the assessee the Tribunal held that borrowed amounts were utilised for purpose of construction business, hence disallowance is held to be not valid. (AY 2013 – 2014)
Shree Laxmi Estate (P. ) Ltd. v. ITO (2019) 178 ITD 98/(2020) 204 TTJ 351 (Mum.)(Trib.)
S. 36(1)(iii) : Interest on borrowed capital-Borrowings were utilized for purpose of construction business-No disallowances can be made.