https://www.taxtmi.com/caselaws?id=327937 The High Court remanded the matter back to the ITAT to consider business expediency in lending interest-free advances to a sister concern. After re-examination, the AO maintained that there was no business expediency, leading to the disallowance of interest on borrowed funds lent to the sister concern. However, the ITAT found that the funds were given out of business expediency, benefiting the assessee, and allowed the deduction under Section 36(1)(iii). As a result, all appeals by the Revenue were dismissed. en-us Mon, 04 Apr 2016 00:00:00 +0530 Mon, 23 May 2016 09:56:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327937 The High Court remanded the matter back to the ITAT to consider business expediency in lending interest-free advances to a sister concern. After re-examination, the AO maintained that there was no business expediency, leading to the disallowance of interest on borrowed funds lent to the sister concern. However, the ITAT found that the funds were given out of business expediency, benefiting the assessee, and allowed the deduction under Section 36(1)(iii). As a result, all appeals by the Revenue were dismissed. Case-Laws Income Tax Mon, 04 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327937