https://www.taxtmi.com/caselaws?id=338631 The Tribunal ruled in favor of the assessee, allowing the appeal against the addition of interest paid to the bank. The Tribunal found that the disallowance of the interest was unwarranted as the capital of the partners consistently exceeded the alleged loan amount and the loan was not freshly advanced in the relevant year. The decision was based on legal precedents and the fact that the loan amount was carried forward from a prior assessment year. The appeal was allowed, and the order was pronounced on September 15, 2016. en-us Thu, 15 Sep 2016 00:00:00 +0530 Wed, 08 Feb 2017 12:40:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338631 The Tribunal ruled in favor of the assessee, allowing the appeal against the addition of interest paid to the bank. The Tribunal found that the disallowance of the interest was unwarranted as the capital of the partners consistently exceeded the alleged loan amount and the loan was not freshly advanced in the relevant year. The decision was based on legal precedents and the fact that the loan amount was carried forward from a prior assessment year. The appeal was allowed, and the order was pronounced on September 15, 2016. Case-Laws Income Tax Thu, 15 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338631