https://www.taxtmi.com/caselaws?id=248602 The ITAT partly allowed the Revenue's appeal, upholding the CIT(A)'s deletion of additions under sections 68 and 2(22)(e) of the IT Act. The ITAT directed the Assessing Officer to reevaluate the disallowance of interest paid to banks based on the utilization of borrowed funds, setting aside the lower authorities' orders and emphasizing the need to verify the actual utilization of borrowed money for advances to a specific entity. en-us Fri, 06 Jun 2014 00:00:00 +0530 Tue, 17 Jun 2014 23:11:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248602 The ITAT partly allowed the Revenue's appeal, upholding the CIT(A)'s deletion of additions under sections 68 and 2(22)(e) of the IT Act. The ITAT directed the Assessing Officer to reevaluate the disallowance of interest paid to banks based on the utilization of borrowed funds, setting aside the lower authorities' orders and emphasizing the need to verify the actual utilization of borrowed money for advances to a specific entity. Case-Laws Income Tax Fri, 06 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248602