https://www.taxtmi.com/caselaws?id=290276 The Tribunal ruled in favor of the appellant, stating that the interest free loans and advances provided to related parties were justified as they were extended from the company's own funds for business purposes. The decision emphasized the need to establish a clear nexus between expenditures and business purposes to determine the allowability of deductions under the Income Tax Act. The addition made by the lower authorities under section 36(1)(iii) was deleted, and the appellant's appeal was allowed. en-us Fri, 29 Mar 2019 00:00:00 +0530 Thu, 17 Sep 2020 10:19:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290276 The Tribunal ruled in favor of the appellant, stating that the interest free loans and advances provided to related parties were justified as they were extended from the company's own funds for business purposes. The decision emphasized the need to establish a clear nexus between expenditures and business purposes to determine the allowability of deductions under the Income Tax Act. The addition made by the lower authorities under section 36(1)(iii) was deleted, and the appellant's appeal was allowed. Case-Laws Income Tax Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290276