https://www.taxtmi.com/caselaws?id=284465 The Appellate Tribunal ITAT MUMBAI dismissed the Revenue's appeal, upholding the decisions of the Commissioner of Income Tax (Appeals) concerning the disallowance of interest under section 36(1)(iii) and interest paid on overdue purchases. The Tribunal found that the assessee had sufficient interest-free funds to support its transactions, in line with legal precedents and commercial considerations. The disallowances were deleted based on the assessee's financial position, leading to the rejection of the Revenue's appeal on both issues. en-us Fri, 05 Apr 2019 00:00:00 +0530 Sat, 28 Dec 2019 13:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284465 The Appellate Tribunal ITAT MUMBAI dismissed the Revenue's appeal, upholding the decisions of the Commissioner of Income Tax (Appeals) concerning the disallowance of interest under section 36(1)(iii) and interest paid on overdue purchases. The Tribunal found that the assessee had sufficient interest-free funds to support its transactions, in line with legal precedents and commercial considerations. The disallowances were deleted based on the assessee's financial position, leading to the rejection of the Revenue's appeal on both issues. Case-Laws Income Tax Fri, 05 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284465