https://www.taxtmi.com/caselaws?id=71977 The Tribunal allowed the assessee's appeal for statistical purposes, remanding the issue back to the Assessing Officer for reconsideration. The Tribunal disagreed with the lower authorities' disallowance of interest paid for interest-free advances, emphasizing the permissibility of interest on borrowed funds for business purposes. The decision highlighted the importance of considering the overall fund position and provided the assessee with an opportunity for further examination and a fair hearing. en-us Fri, 16 May 2008 00:00:00 +0530 Thu, 28 Apr 2011 15:03:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71977 The Tribunal allowed the assessee's appeal for statistical purposes, remanding the issue back to the Assessing Officer for reconsideration. The Tribunal disagreed with the lower authorities' disallowance of interest paid for interest-free advances, emphasizing the permissibility of interest on borrowed funds for business purposes. The decision highlighted the importance of considering the overall fund position and provided the assessee with an opportunity for further examination and a fair hearing. Case-Laws Income Tax Fri, 16 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71977