https://www.taxtmi.com/caselaws?id=365783 The ITAT upheld the CIT(A)'s decisions in favor of the assessee, dismissing the Revenue's appeal on all grounds. The disallowance under section 36(1)(iii) was deleted as the interest-free advances were made from the assessee's own interest-free funds. The disallowance under section 14A was reduced based on interest income set off against expenditure, following a court decision. The allowability of MAT credit was confirmed to include surcharge and education cess, aligning with tribunal decisions. The judgment provided detailed legal reasoning and precedent support for each issue. en-us Tue, 21 Aug 2018 00:00:00 +0530 Thu, 23 Aug 2018 09:36:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365783 The ITAT upheld the CIT(A)'s decisions in favor of the assessee, dismissing the Revenue's appeal on all grounds. The disallowance under section 36(1)(iii) was deleted as the interest-free advances were made from the assessee's own interest-free funds. The disallowance under section 14A was reduced based on interest income set off against expenditure, following a court decision. The allowability of MAT credit was confirmed to include surcharge and education cess, aligning with tribunal decisions. The judgment provided detailed legal reasoning and precedent support for each issue. Case-Laws Income Tax Tue, 21 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365783