https://www.taxtmi.com/caselaws?id=192946 The Tribunal ruled in favor of the assessee, allowing the appeal. It held that no portion of the interest expenditure incurred by the assessee could be attributed to funds advanced free of interest to the finance companies. The disallowance of interest under section 36(1)(iii) of the Income Tax Act, 1961, was deemed unwarranted as the advances were made by another entity out of its own funds, not by the assessee's interest-bearing funds. en-us Thu, 11 Aug 2016 00:00:00 +0530 Wed, 05 Jul 2017 10:45:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192946 The Tribunal ruled in favor of the assessee, allowing the appeal. It held that no portion of the interest expenditure incurred by the assessee could be attributed to funds advanced free of interest to the finance companies. The disallowance of interest under section 36(1)(iii) of the Income Tax Act, 1961, was deemed unwarranted as the advances were made by another entity out of its own funds, not by the assessee's interest-bearing funds. Case-Laws Income Tax Thu, 11 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192946