https://www.taxtmi.com/caselaws?id=327418 The court condoned the delay in re-filing the appeal and addressed the disallowance of interest claimed under Section 36(1)(iii) of the Income Tax Act, 1961. The appellant's interest amount was disallowed due to interest-free advances to a sister concern without verifying their use. Upholding this disallowance, the court remanded the matter to the Tribunal for a fresh decision, emphasizing the need to establish a nexus between expenditure and business purpose. Legal precedents like Hero Cycles (P) Limited vs. CIT, Ludhiana were cited to guide the decision-making process. en-us Wed, 27 Apr 2016 00:00:00 +0530 Wed, 10 Aug 2016 18:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327418 The court condoned the delay in re-filing the appeal and addressed the disallowance of interest claimed under Section 36(1)(iii) of the Income Tax Act, 1961. The appellant's interest amount was disallowed due to interest-free advances to a sister concern without verifying their use. Upholding this disallowance, the court remanded the matter to the Tribunal for a fresh decision, emphasizing the need to establish a nexus between expenditure and business purpose. Legal precedents like Hero Cycles (P) Limited vs. CIT, Ludhiana were cited to guide the decision-making process. Case-Laws Income Tax Wed, 27 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327418