https://www.taxtmi.com/caselaws?id=215267 The appeal was filed against the disallowance of interest expenses by the Ld. Commissioner of Income-tax (Appeals)-I, Surat, for the assessment year 2007-08. The Assessing Officer had disallowed interest expenses on interest-free advances and loans given at different interest rates. However, the Tribunal found that the interest-free advances were made from interest-free funds and that loans were given and taken on a current account basis, leading to the allowance of the appeal. Additionally, the Tribunal directed the AO to reduce the disallowance under section 14A if any portion of interest paid was disallowed and sustained by the Tribunal. en-us Thu, 07 Jun 2012 00:00:00 +0530 Mon, 16 Jul 2012 18:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215267 The appeal was filed against the disallowance of interest expenses by the Ld. Commissioner of Income-tax (Appeals)-I, Surat, for the assessment year 2007-08. The Assessing Officer had disallowed interest expenses on interest-free advances and loans given at different interest rates. However, the Tribunal found that the interest-free advances were made from interest-free funds and that loans were given and taken on a current account basis, leading to the allowance of the appeal. Additionally, the Tribunal directed the AO to reduce the disallowance under section 14A if any portion of interest paid was disallowed and sustained by the Tribunal. Case-Laws Income Tax Thu, 07 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215267