https://www.taxtmi.com/caselaws?id=358404 The Tribunal upheld the CIT(A)'s decision to delete the interest disallowed under Section 36(1)(iii) of the Income Tax Act, finding that the advances were made from the assessee's own funds and not borrowed funds. However, the Tribunal remitted the issue of the deduction for exchange difference gain back to the AO for further verification due to discrepancies in the records. The appeal by the Revenue was partly allowed. en-us Mon, 09 Apr 2018 00:00:00 +0530 Wed, 11 Apr 2018 08:03:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358404 The Tribunal upheld the CIT(A)'s decision to delete the interest disallowed under Section 36(1)(iii) of the Income Tax Act, finding that the advances were made from the assessee's own funds and not borrowed funds. However, the Tribunal remitted the issue of the deduction for exchange difference gain back to the AO for further verification due to discrepancies in the records. The appeal by the Revenue was partly allowed. Case-Laws Income Tax Mon, 09 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358404