https://www.taxtmi.com/caselaws?id=197072 The Tribunal directed the Assessing Officer to restrict the disallowance of interest under section 36(1)(iii) to the original 10 parties as per the Hon'ble ITAT's directions. It was emphasized that old advances from previous years may not warrant disallowance. The Tribunal further ruled that any disallowance should be limited to loan amounts exceeding the assessee's capital, supported by relevant case law. The appeal was allowed for statistical purposes, with instructions for the Assessing Officer to reframe the assessment order based on the Tribunal's directions. en-us Fri, 05 May 2017 00:00:00 +0530 Mon, 25 Dec 2017 08:31:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197072 The Tribunal directed the Assessing Officer to restrict the disallowance of interest under section 36(1)(iii) to the original 10 parties as per the Hon'ble ITAT's directions. It was emphasized that old advances from previous years may not warrant disallowance. The Tribunal further ruled that any disallowance should be limited to loan amounts exceeding the assessee's capital, supported by relevant case law. The appeal was allowed for statistical purposes, with instructions for the Assessing Officer to reframe the assessment order based on the Tribunal's directions. Case-Laws Income Tax Fri, 05 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197072