https://www.taxtmi.com/caselaws?id=260835 The Tribunal allowed the assessee's appeal, deleting the disallowances of interest expenses for assessment years 2006-07 and 2007-08. The Tribunal found that the assessee had sufficient interest-free funds to cover the interest-free advances given to sister concerns, citing the availability of reserves, surplus, and liquidated investments. Relying on the principle established in a Bombay High Court judgment, the Tribunal concluded that the disallowance of interest expenses was not justified. As a result, disallowances of Rs. 44,65,790/- and Rs. 46,76,672/- for the respective assessment years were overturned. en-us Tue, 16 Jun 2015 00:00:00 +0530 Thu, 25 Jun 2015 06:09:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260835 The Tribunal allowed the assessee's appeal, deleting the disallowances of interest expenses for assessment years 2006-07 and 2007-08. The Tribunal found that the assessee had sufficient interest-free funds to cover the interest-free advances given to sister concerns, citing the availability of reserves, surplus, and liquidated investments. Relying on the principle established in a Bombay High Court judgment, the Tribunal concluded that the disallowance of interest expenses was not justified. As a result, disallowances of Rs. 44,65,790/- and Rs. 46,76,672/- for the respective assessment years were overturned. Case-Laws Income Tax Tue, 16 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260835