https://www.taxtmi.com/caselaws?id=401102 The ITAT ruled in favor of the assessee, deleting the disallowance under section 36(i)(iii) of the Income Tax Act, 1961. The ITAT found that the assessee had sufficient own funds to cover the interest-free advances, citing established legal precedents. Referring to judgments such as 'Hero Cycles (P) Ltd. Vs. CIT' and 'CIT (LTU) Vs. Reliance Industries Ltd.,' the ITAT set aside the CIT(A)'s order and allowed the appeal of the assessee. en-us Wed, 21 Oct 2020 00:00:00 +0530 Fri, 27 Nov 2020 10:37:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401102 The ITAT ruled in favor of the assessee, deleting the disallowance under section 36(i)(iii) of the Income Tax Act, 1961. The ITAT found that the assessee had sufficient own funds to cover the interest-free advances, citing established legal precedents. Referring to judgments such as 'Hero Cycles (P) Ltd. Vs. CIT' and 'CIT (LTU) Vs. Reliance Industries Ltd.,' the ITAT set aside the CIT(A)'s order and allowed the appeal of the assessee. Case-Laws Income Tax Wed, 21 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401102