https://www.taxtmi.com/caselaws?id=337644 The Tribunal dismissed the Revenue's appeals, affirming that advances to M/s Menghraj Sons were business transactions, not interest-free loans. The disallowance of interest was deemed unwarranted as no direct link between borrowed funds and advances was established. The Tribunal upheld the CIT(A)'s decision, ruling that no disallowance under Section 40A(2) was justified. en-us Fri, 11 Nov 2016 00:00:00 +0530 Fri, 13 Jan 2017 10:08:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337644 The Tribunal dismissed the Revenue's appeals, affirming that advances to M/s Menghraj Sons were business transactions, not interest-free loans. The disallowance of interest was deemed unwarranted as no direct link between borrowed funds and advances was established. The Tribunal upheld the CIT(A)'s decision, ruling that no disallowance under Section 40A(2) was justified. Case-Laws Income Tax Fri, 11 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337644