https://www.taxtmi.com/caselaws?id=372681 The Tribunal allowed the appeal, directing the Assessing Officer to delete the disallowed interest amount under section 36(1)(iii) of the Income Tax Act. It was held that the advances to related parties were for business purposes and in line with commercial expediency. The Tribunal emphasized that if funds were advanced for business reasons and commercial expediency was established, no disallowance of interest should occur, based on precedents from higher courts and tribunals. en-us Wed, 26 Sep 2018 00:00:00 +0530 Thu, 27 Dec 2018 16:01:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372681 The Tribunal allowed the appeal, directing the Assessing Officer to delete the disallowed interest amount under section 36(1)(iii) of the Income Tax Act. It was held that the advances to related parties were for business purposes and in line with commercial expediency. The Tribunal emphasized that if funds were advanced for business reasons and commercial expediency was established, no disallowance of interest should occur, based on precedents from higher courts and tribunals. Case-Laws Income Tax Wed, 26 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372681