https://www.taxtmi.com/caselaws?id=285731 The Tribunal upheld the CIT(A)'s decision to restrict the interest rate to 9% instead of 15% and partially disallow the interest paid by the assessee. The Tribunal emphasized the requirement for the assessee to prove the business purpose and commercial expediency of the advances to the sister concern, which the assessee failed to establish. The revenue's appeals for A.Y. 2000-01 and 2001-02 were dismissed based on the tax effect falling below the threshold set by CBDT Circular No. 21 of 2015. en-us Wed, 13 Jul 2016 00:00:00 +0530 Fri, 24 Jan 2020 08:35:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285731 The Tribunal upheld the CIT(A)'s decision to restrict the interest rate to 9% instead of 15% and partially disallow the interest paid by the assessee. The Tribunal emphasized the requirement for the assessee to prove the business purpose and commercial expediency of the advances to the sister concern, which the assessee failed to establish. The revenue's appeals for A.Y. 2000-01 and 2001-02 were dismissed based on the tax effect falling below the threshold set by CBDT Circular No. 21 of 2015. Case-Laws Income Tax Wed, 13 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285731