https://www.taxtmi.com/caselaws?id=344183 The ITAT allowed the appeal, overturning the CIT(A)'s decision to disallow interest on a loan amounting to Rs. 11,04,676. The ITAT emphasized the presence of the assessee's interest-free funds and rejected the Revenue Authorities' presumption that interest should have been charged on the entire loan amount. Citing legal precedents, including a Bombay High Court decision, the ITAT concluded that the addition to the assessee's income under "Income from Other Sources" was unwarranted. en-us Fri, 09 Jun 2017 00:00:00 +0530 Sat, 10 Jun 2017 05:45:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344183 The ITAT allowed the appeal, overturning the CIT(A)'s decision to disallow interest on a loan amounting to Rs. 11,04,676. The ITAT emphasized the presence of the assessee's interest-free funds and rejected the Revenue Authorities' presumption that interest should have been charged on the entire loan amount. Citing legal precedents, including a Bombay High Court decision, the ITAT concluded that the addition to the assessee's income under "Income from Other Sources" was unwarranted. Case-Laws Income Tax Fri, 09 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344183