https://www.taxtmi.com/caselaws?id=334188 The Tribunal dismissed the revenue's appeal and the assessee's cross objection, affirming the CIT(A)'s order. The Tribunal found in favor of the assessee, concluding that the notional interest on advances given to partners and sister concerns was not warranted as no interest-bearing funds were diverted. Additionally, the advances written off were considered deductible under section 37 as business expenses, not capital in nature. en-us Thu, 22 Sep 2016 00:00:00 +0530 Mon, 04 May 2026 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334188 The Tribunal dismissed the revenue's appeal and the assessee's cross objection, affirming the CIT(A)'s order. The Tribunal found in favor of the assessee, concluding that the notional interest on advances given to partners and sister concerns was not warranted as no interest-bearing funds were diverted. Additionally, the advances written off were considered deductible under section 37 as business expenses, not capital in nature. Case-Laws Income Tax Thu, 22 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334188