https://www.taxtmi.com/caselaws?id=246244 The High Court ruled in favor of the assessee, dismissing the appeal against the revenue. It upheld the Tribunal's decision regarding the disallowance under Section 36(1)(iii) of the Income Tax Act, emphasizing the commercial expediency and business strategy behind the interest-free advances to subsidiaries. The Court found that the interest-free advances were part of the corporate business strategy to expand operations, driven by business considerations and commercial expediency. This factual finding supported the assessee's position, leading to a negative answer to the legal question posed. en-us Tue, 15 Apr 2014 00:00:00 +0530 Sat, 19 Apr 2014 11:11:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246244 The High Court ruled in favor of the assessee, dismissing the appeal against the revenue. It upheld the Tribunal's decision regarding the disallowance under Section 36(1)(iii) of the Income Tax Act, emphasizing the commercial expediency and business strategy behind the interest-free advances to subsidiaries. The Court found that the interest-free advances were part of the corporate business strategy to expand operations, driven by business considerations and commercial expediency. This factual finding supported the assessee's position, leading to a negative answer to the legal question posed. Case-Laws Income Tax Tue, 15 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246244