https://www.taxtmi.com/caselaws?id=216441 The Tribunal ruled in favor of the appellant, directing the Assessing Officer to delete the disallowance of Rs. 3,12,600 under section 40(a)(ia) of the Income Tax Act and the addition of Rs. 1,85,982 in relation to an interest-free advance. The Tribunal held that the payment for delayed purchase payments did not constitute interest as defined in the Act and that no disallowance could be made under section 40(a)(ia) as the entire amount was paid within the relevant previous year. en-us Fri, 22 Jun 2012 00:00:00 +0530 Tue, 21 Aug 2012 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216441 The Tribunal ruled in favor of the appellant, directing the Assessing Officer to delete the disallowance of Rs. 3,12,600 under section 40(a)(ia) of the Income Tax Act and the addition of Rs. 1,85,982 in relation to an interest-free advance. The Tribunal held that the payment for delayed purchase payments did not constitute interest as defined in the Act and that no disallowance could be made under section 40(a)(ia) as the entire amount was paid within the relevant previous year. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216441