https://www.taxtmi.com/caselaws?id=13482 The High Court upheld the Tribunal's decision to delete the addition of Rs. 12,33,625 for interest disallowance under section 36(1)(iii) of the Income-tax Act, affirming the genuineness of the transaction and allowing the deduction claimed by the assessee. The Court emphasized that the Tribunal's factual findings on the authenticity of the transaction are binding unless a legal error is demonstrated, dismissing the Revenue's appeal for lack of substantial legal questions or factual perversity. Similarly, the Court upheld the Tribunal's determination that the interest-free advance of Rs. 69,50,000 to another company was genuine and for business purposes, reiterating that such factual findings are conclusive unless a legal flaw is identified. en-us Thu, 23 Mar 2006 00:00:00 +0530 Fri, 29 May 2009 11:43:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13482 The High Court upheld the Tribunal's decision to delete the addition of Rs. 12,33,625 for interest disallowance under section 36(1)(iii) of the Income-tax Act, affirming the genuineness of the transaction and allowing the deduction claimed by the assessee. The Court emphasized that the Tribunal's factual findings on the authenticity of the transaction are binding unless a legal error is demonstrated, dismissing the Revenue's appeal for lack of substantial legal questions or factual perversity. Similarly, the Court upheld the Tribunal's determination that the interest-free advance of Rs. 69,50,000 to another company was genuine and for business purposes, reiterating that such factual findings are conclusive unless a legal flaw is identified. Case-Laws Income Tax Thu, 23 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13482