https://www.taxtmi.com/caselaws?id=255919 Interest disallowance under section 36(1)(iii) was deleted where the sister concern's opening balance was repaid during the year, no fresh advance was made, and the earlier finding that the advance came from own funds had been accepted by the Revenue. Disallowance under section 14A was set aside because the record did not contain a clear finding that exempt income had been earned during the year; that foundational fact required verification by the Assessing Officer. The Revenue's appeal therefore failed on the interest issue, while the section 14A matter was remanded for fresh verification. en-us Fri, 19 Dec 2014 00:00:00 +0530 Fri, 30 Jan 2015 08:40:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255919 Interest disallowance under section 36(1)(iii) was deleted where the sister concern's opening balance was repaid during the year, no fresh advance was made, and the earlier finding that the advance came from own funds had been accepted by the Revenue. Disallowance under section 14A was set aside because the record did not contain a clear finding that exempt income had been earned during the year; that foundational fact required verification by the Assessing Officer. The Revenue's appeal therefore failed on the interest issue, while the section 14A matter was remanded for fresh verification. Case-Laws Income Tax Fri, 19 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255919