https://www.taxtmi.com/caselaws?id=335038 The Tribunal allowed the appellant's appeal, directing the Assessing Officer to disallow the interest expenses on the interest-free loan given to the associate concern. The Tribunal found that the appellant had surplus funds available for the loan and that the borrowed funds were not used. It emphasized that the AO should have disallowed the appellant's interest expenses instead of charging notional interest income. Relying on a High Court decision, the Tribunal overturned the lower authorities' orders and ruled in favor of the appellant. The appeal was allowed on 28/09/2016. en-us Wed, 28 Sep 2016 00:00:00 +0530 Fri, 25 Nov 2016 10:46:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335038 The Tribunal allowed the appellant's appeal, directing the Assessing Officer to disallow the interest expenses on the interest-free loan given to the associate concern. The Tribunal found that the appellant had surplus funds available for the loan and that the borrowed funds were not used. It emphasized that the AO should have disallowed the appellant's interest expenses instead of charging notional interest income. Relying on a High Court decision, the Tribunal overturned the lower authorities' orders and ruled in favor of the appellant. The appeal was allowed on 28/09/2016. Case-Laws Income Tax Wed, 28 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335038