https://www.taxtmi.com/caselaws?id=183654 The ITAT upheld the CIT(A) decision in a case involving deletion of an addition of Rs. 13,67,164 on account of interest-free advances given, citing the availability of sufficient interest-free funds. The ITAT also ruled in favor of the assessee regarding the disallowance of interest under section 36(1)(iii) on advances to certain individuals, stating that no disallowance could be made as interest-free funds covered the advances. The ITAT dismissed the revenue's appeal and allowed the assessee's cross-objection, emphasizing that the advances were supported by ample interest-free funds. en-us Fri, 26 Feb 2016 00:00:00 +0530 Fri, 17 Jun 2016 08:43:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183654 The ITAT upheld the CIT(A) decision in a case involving deletion of an addition of Rs. 13,67,164 on account of interest-free advances given, citing the availability of sufficient interest-free funds. The ITAT also ruled in favor of the assessee regarding the disallowance of interest under section 36(1)(iii) on advances to certain individuals, stating that no disallowance could be made as interest-free funds covered the advances. The ITAT dismissed the revenue's appeal and allowed the assessee's cross-objection, emphasizing that the advances were supported by ample interest-free funds. Case-Laws Income Tax Fri, 26 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183654