https://www.taxtmi.com/caselaws?id=169857 The ITAT allowed the appeal, ruling that the addition of interest-free loans under section 36(1)(iii) of the IT Act was unjustified. The Tribunal found that the assessee had sufficient capital and available funds for providing such loans, emphasizing the lack of a nexus between borrowed funds and interest-free loans. Referring to a prior favorable decision by the ITAT, the Tribunal held that the disallowance was unwarranted, deleting the addition of Rs. 1,06,800 and providing relief to the assessee. en-us Fri, 14 Feb 2014 00:00:00 +0530 Tue, 07 Oct 2014 11:08:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169857 The ITAT allowed the appeal, ruling that the addition of interest-free loans under section 36(1)(iii) of the IT Act was unjustified. The Tribunal found that the assessee had sufficient capital and available funds for providing such loans, emphasizing the lack of a nexus between borrowed funds and interest-free loans. Referring to a prior favorable decision by the ITAT, the Tribunal held that the disallowance was unwarranted, deleting the addition of Rs. 1,06,800 and providing relief to the assessee. Case-Laws Income Tax Fri, 14 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169857