https://www.taxtmi.com/caselaws?id=265187 The Tribunal upheld the order of the CIT(A) confirming the disallowance of Rs. 3,43,673/- on interest allegedly chargeable on interest-free advances given to family members. The Tribunal found that the assessee failed to establish any commercial expediency for the advances, emphasizing the need to demonstrate commercial purpose for interest-free funds to justify interest expenditure deduction under section 36(i)(iii) of the Income Tax Act. The appeal was dismissed, and the disallowance was upheld. en-us Thu, 20 Mar 2014 00:00:00 +0530 Thu, 08 Oct 2015 07:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265187 The Tribunal upheld the order of the CIT(A) confirming the disallowance of Rs. 3,43,673/- on interest allegedly chargeable on interest-free advances given to family members. The Tribunal found that the assessee failed to establish any commercial expediency for the advances, emphasizing the need to demonstrate commercial purpose for interest-free funds to justify interest expenditure deduction under section 36(i)(iii) of the Income Tax Act. The appeal was dismissed, and the disallowance was upheld. Case-Laws Income Tax Thu, 20 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265187