https://www.taxtmi.com/caselaws?id=330247 The Tribunal allowed the appeal of the assessee, ruling that the disallowance of interest under Section 36(1)(iii) of the Income Tax Act was unjustified. The Tribunal found that the assessee had sufficient interest-free funds and that the advances to sister concerns were for business purposes. The reliance on prior judgments was deemed misplaced, as subsequent rulings had overturned them, supporting the assessee's position. Therefore, the disallowance of interest was deleted, and the assessee's appeal was successful. en-us Mon, 13 Jun 2016 00:00:00 +0530 Thu, 21 Jul 2016 10:39:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330247 The Tribunal allowed the appeal of the assessee, ruling that the disallowance of interest under Section 36(1)(iii) of the Income Tax Act was unjustified. The Tribunal found that the assessee had sufficient interest-free funds and that the advances to sister concerns were for business purposes. The reliance on prior judgments was deemed misplaced, as subsequent rulings had overturned them, supporting the assessee's position. Therefore, the disallowance of interest was deleted, and the assessee's appeal was successful. Case-Laws Income Tax Mon, 13 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330247