https://www.taxtmi.com/caselaws?id=330226 The Tribunal dismissed the appeal, upholding the disallowance of interest and expenses under the Income Tax Act. The appellant failed to demonstrate commercial expediency for interest-bearing funds advanced, leading to disallowance under Section 36(1)(iii). The Tribunal found no evidence to grant relief based on own interest-free funds. The disallowance of expenses under various categories was partly allowed by the CIT (A) but ultimately dismissed by the Tribunal. Penalty proceedings under section 271(1)(c) were deemed premature and consequential, resulting in the dismissal of the appeal. en-us Mon, 11 Jul 2016 00:00:00 +0530 Sat, 16 Jul 2016 17:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330226 The Tribunal dismissed the appeal, upholding the disallowance of interest and expenses under the Income Tax Act. The appellant failed to demonstrate commercial expediency for interest-bearing funds advanced, leading to disallowance under Section 36(1)(iii). The Tribunal found no evidence to grant relief based on own interest-free funds. The disallowance of expenses under various categories was partly allowed by the CIT (A) but ultimately dismissed by the Tribunal. Penalty proceedings under section 271(1)(c) were deemed premature and consequential, resulting in the dismissal of the appeal. Case-Laws Income Tax Mon, 11 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330226