https://www.taxtmi.com/caselaws?id=397733 The Appellate Tribunal ITAT PUNE ruled in favor of the assessee on multiple issues. Disallowance of interest on advances was overturned as business purpose was established. Disallowance on account of rate difference was reversed due to justified reasons. Addition under 'Sundry Creditors' was deleted as liability was proven. The enhancement of disallowance amount was remanded for proper verification. The Tribunal emphasized the need for accurate reconciliation before charging interest. The Tribunal's decision was pronounced on 25th August 2020. en-us Tue, 25 Aug 2020 00:00:00 +0530 Thu, 27 Aug 2020 11:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397733 The Appellate Tribunal ITAT PUNE ruled in favor of the assessee on multiple issues. Disallowance of interest on advances was overturned as business purpose was established. Disallowance on account of rate difference was reversed due to justified reasons. Addition under 'Sundry Creditors' was deleted as liability was proven. The enhancement of disallowance amount was remanded for proper verification. The Tribunal emphasized the need for accurate reconciliation before charging interest. The Tribunal's decision was pronounced on 25th August 2020. Case-Laws Income Tax Tue, 25 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397733