Interest Disallowance Not Applicable for Stock-in-Trade Advance; Deduction Allowed u/s 36(1)(iii) of Income Tax Act.

Interest Disallowance Not Applicable for Stock-in-Trade Advance; Deduction Allowed u/s 36(1)(iii) of Income Tax Act. https://www.taxtmi.com/highlights?id=23016 Disallowance of interest as non allowable expenditure - As long as the payment of advance was not for acquisition of fixed assets but only for acquiring stock-in-trade, assessee was entitled for deduction under Section 36(1)[iii] of the Act. - HC en-us Wed, 20 May 2015 09:05:25 +0530 Wed, 20 May 2015 09:05:25 +0530 TaxTMI RSS Generator Interest Disallowance Not Applicable for Stock-in-Trade Advance; Deduction Allowed u/s 36(1)(iii) of Income Tax Act. https://www.taxtmi.com/highlights?id=23016 Disallowance of interest as non allowable expenditure - As long as the payment of advance was not for acquisition of fixed assets but only for acquiring stock-in-trade, assessee was entitled for deduction under Section 36(1)[iii] of the Act. - HC Highlights Income Tax Wed, 20 May 2015 09:05:25 +0530 https://www.taxtmi.com/highlights?id=23016