https://www.taxtmi.com/caselaws?id=186621 The ITAT ruled in favor of the appellant, a partnership firm, in a case concerning the disallowance of interest under section 36(1)(iii) for providing interest-free advances to a sister concern. The ITAT overturned the CIT(A)'s decision and deleted the disallowance of interest, emphasizing the business expediency and commercial justification for the interest-free advance. The ITAT found a valid business reason for the interest-free loan, aligning with the principle of commercial expediency and citing the Supreme Court case of S.A. Builders Ltd. en-us Mon, 31 Jan 2011 00:00:00 +0530 Sat, 24 Sep 2016 10:30:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186621 The ITAT ruled in favor of the appellant, a partnership firm, in a case concerning the disallowance of interest under section 36(1)(iii) for providing interest-free advances to a sister concern. The ITAT overturned the CIT(A)'s decision and deleted the disallowance of interest, emphasizing the business expediency and commercial justification for the interest-free advance. The ITAT found a valid business reason for the interest-free loan, aligning with the principle of commercial expediency and citing the Supreme Court case of S.A. Builders Ltd. Case-Laws Income Tax Mon, 31 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186621