https://www.taxtmi.com/caselaws?id=388105 The Tribunal held that no disallowance of interest could be made on the opening balance of loans advanced to parties as borrowings were accepted for business purposes in earlier years. It was concluded that the assessee had sufficient own funds to cover the advances made during the year, leading to the deletion of the interest disallowance under section 36(1)(iii) amounting to Rs. 95,10,449. The Tribunal allowed the appeal, directing the Assessing Officer to delete the disallowance of interest. en-us Fri, 04 Oct 2019 00:00:00 +0530 Fri, 08 Nov 2019 08:21:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388105 The Tribunal held that no disallowance of interest could be made on the opening balance of loans advanced to parties as borrowings were accepted for business purposes in earlier years. It was concluded that the assessee had sufficient own funds to cover the advances made during the year, leading to the deletion of the interest disallowance under section 36(1)(iii) amounting to Rs. 95,10,449. The Tribunal allowed the appeal, directing the Assessing Officer to delete the disallowance of interest. Case-Laws Income Tax Fri, 04 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388105