https://www.taxtmi.com/caselaws?id=185593 The Tribunal upheld the CIT(A)'s decision that disallowance of Rs. 37,76,204 for utilizing interest bearing funds for interest free loans was made on incorrect grounds as no link was found. The Tribunal also upheld the decision that the interest payment made to DDA was not penal in nature and could not be disallowed unless it contravened any law. Consequently, the disallowance of the interest payment to DDA was deleted. No separate judgment was delivered. en-us Wed, 02 Dec 2009 00:00:00 +0530 Sat, 20 Aug 2016 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185593 The Tribunal upheld the CIT(A)'s decision that disallowance of Rs. 37,76,204 for utilizing interest bearing funds for interest free loans was made on incorrect grounds as no link was found. The Tribunal also upheld the decision that the interest payment made to DDA was not penal in nature and could not be disallowed unless it contravened any law. Consequently, the disallowance of the interest payment to DDA was deleted. No separate judgment was delivered. Case-Laws Income Tax Wed, 02 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185593