https://www.taxtmi.com/caselaws?id=266242 The High Court dismissed the appeal, affirming the deletion of the disallowance of interest on interest-free advances under section 36(1)(iii) of the Income Tax Act for the assessment year 1995-96. The Court upheld the decision of the Commissioner (Appeals) and the Tribunal, stating that if interest-free advances did not exceed interest-free funds, no disallowance should be made. The judgment favored the assessee based on similarities with a previous assessment year and a previous dismissal of a related appeal for the assessment year 1993-94. en-us Tue, 22 Sep 2015 00:00:00 +0530 Sat, 17 Oct 2015 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266242 The High Court dismissed the appeal, affirming the deletion of the disallowance of interest on interest-free advances under section 36(1)(iii) of the Income Tax Act for the assessment year 1995-96. The Court upheld the decision of the Commissioner (Appeals) and the Tribunal, stating that if interest-free advances did not exceed interest-free funds, no disallowance should be made. The judgment favored the assessee based on similarities with a previous assessment year and a previous dismissal of a related appeal for the assessment year 1993-94. Case-Laws Income Tax Tue, 22 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266242