https://www.taxtmi.com/caselaws?id=179246 The Tribunal upheld the deletion of an addition of Rs. 48 lakhs under section 36(1)(iii) of the Income Tax Act, ruling that the advances were for business purposes and not for personal benefit. The Tribunal also confirmed the deletion of a disallowance of Rs. 4,40,218 under section 40(a)(ia) as the payment was made during the relevant previous year, following the decision in Merilyn Shipping & Transports. The Tribunal dismissed the Revenue's appeal and allowed the assessee's cross-objection, resulting in the deletion of the disallowances made by the Assessing Officer. en-us Fri, 19 Oct 2012 00:00:00 +0530 Sat, 03 Jun 2017 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179246 The Tribunal upheld the deletion of an addition of Rs. 48 lakhs under section 36(1)(iii) of the Income Tax Act, ruling that the advances were for business purposes and not for personal benefit. The Tribunal also confirmed the deletion of a disallowance of Rs. 4,40,218 under section 40(a)(ia) as the payment was made during the relevant previous year, following the decision in Merilyn Shipping & Transports. The Tribunal dismissed the Revenue's appeal and allowed the assessee's cross-objection, resulting in the deletion of the disallowances made by the Assessing Officer. Case-Laws Income Tax Fri, 19 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179246