https://www.taxtmi.com/caselaws?id=403427 The Tribunal allowed the appeal, overturning the disallowance of interest on borrowing for day-to-day business needs. It found that the advances in question were related to statutory dues, not capital advances for acquiring assets as assumed by the tax authorities. The Tribunal concluded that the decision to disallow interest based on these advances was unfounded, directing the tax authority to delete the addition and ruling in favor of the assessee. en-us Wed, 23 Dec 2020 00:00:00 +0530 Fri, 29 Jan 2021 13:31:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403427 The Tribunal allowed the appeal, overturning the disallowance of interest on borrowing for day-to-day business needs. It found that the advances in question were related to statutory dues, not capital advances for acquiring assets as assumed by the tax authorities. The Tribunal concluded that the decision to disallow interest based on these advances was unfounded, directing the tax authority to delete the addition and ruling in favor of the assessee. Case-Laws Income Tax Wed, 23 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403427