https://www.taxtmi.com/caselaws?id=353066 The ITAT ruled in favor of the assessee, determining that no disallowance of interest under Section 36(1)(iii) of the Income Tax Act was warranted. The diverted funds were found to be covered by available interest-free funds, aligning with precedents such as CIT Vs. Reliance Utilities and Power Ltd. The appeal was partly allowed, with the ITAT's decision issued on December 13, 2017. en-us Wed, 13 Dec 2017 00:00:00 +0530 Wed, 27 Dec 2017 09:53:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353066 The ITAT ruled in favor of the assessee, determining that no disallowance of interest under Section 36(1)(iii) of the Income Tax Act was warranted. The diverted funds were found to be covered by available interest-free funds, aligning with precedents such as CIT Vs. Reliance Utilities and Power Ltd. The appeal was partly allowed, with the ITAT's decision issued on December 13, 2017. Case-Laws Income Tax Wed, 13 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353066