https://www.taxtmi.com/caselaws?id=342507 The Tribunal allowed the appeal, overturning the disallowance of Rs. 13,89,951/- in interest expenses under Section 36(1)(iii) of the Income-tax Act, 1961. It held that as the interest-free advances were made from the assessee's own funds, the disallowance was unjustified. The Tribunal emphasized that when own funds exceed interest-free advances, disallowance of interest expenses is not warranted. en-us Thu, 27 Apr 2017 00:00:00 +0530 Sat, 06 May 2017 07:28:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342507 The Tribunal allowed the appeal, overturning the disallowance of Rs. 13,89,951/- in interest expenses under Section 36(1)(iii) of the Income-tax Act, 1961. It held that as the interest-free advances were made from the assessee's own funds, the disallowance was unjustified. The Tribunal emphasized that when own funds exceed interest-free advances, disallowance of interest expenses is not warranted. Case-Laws Income Tax Thu, 27 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342507