https://www.taxtmi.com/caselaws?id=180448 The Tribunal ruled in favor of the appellant, allowing the appeal and deleting the disallowance of interest under section 36(1)(iii) of the Income Tax Act, 1961 for the assessment year 2007-08. The Tribunal held that as interest-free funds were available, investments were presumed to be made from those funds, following the precedent set in the appellant's previous case and the decision of the jurisdictional High Court. Consequently, the disallowance of interest of Rs. 22,50,264/- was deleted. en-us Fri, 08 Feb 2013 00:00:00 +0530 Fri, 25 Mar 2016 12:19:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180448 The Tribunal ruled in favor of the appellant, allowing the appeal and deleting the disallowance of interest under section 36(1)(iii) of the Income Tax Act, 1961 for the assessment year 2007-08. The Tribunal held that as interest-free funds were available, investments were presumed to be made from those funds, following the precedent set in the appellant's previous case and the decision of the jurisdictional High Court. Consequently, the disallowance of interest of Rs. 22,50,264/- was deleted. Case-Laws Income Tax Fri, 08 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180448