https://www.taxtmi.com/caselaws?id=236681 The Tribunal upheld the CIT(A)'s deletions of disallowances related to the disallowance of differential interest under section 36(1)(iii) and interest on advances to Virtuous Finance Ltd., emphasizing the assessee's sufficient interest-free funds and business expediency. It also confirmed the deletion of disallowance on overdue bills' interest to Sun Pharmaceuticals Industries Ltd., highlighting the business purpose and lack of tax avoidance motive. The Tribunal upheld the deletion of disallowance under section 94(7) for dividend stripping, following the Supreme Court's precedent. However, it remanded the issue of disallowance under section 14A for fresh adjudication by the AO, in accordance with the Bombay High Court's decision. en-us Fri, 04 Feb 2011 00:00:00 +0530 Thu, 05 Sep 2013 08:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236681 The Tribunal upheld the CIT(A)'s deletions of disallowances related to the disallowance of differential interest under section 36(1)(iii) and interest on advances to Virtuous Finance Ltd., emphasizing the assessee's sufficient interest-free funds and business expediency. It also confirmed the deletion of disallowance on overdue bills' interest to Sun Pharmaceuticals Industries Ltd., highlighting the business purpose and lack of tax avoidance motive. The Tribunal upheld the deletion of disallowance under section 94(7) for dividend stripping, following the Supreme Court's precedent. However, it remanded the issue of disallowance under section 14A for fresh adjudication by the AO, in accordance with the Bombay High Court's decision. Case-Laws Income Tax Fri, 04 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236681