https://www.taxtmi.com/caselaws?id=403571 The Tribunal remitted the issue of interest on interest-free advances back to the AO for proper computation based on available interest-bearing funds. Additionally, it directed the deletion of the disallowed interest and penalty for late TDS payment, as they were not considered offenses under section 37(1) of the Act. The appeal was partly allowed in favor of the assessee. en-us Wed, 06 Jan 2021 00:00:00 +0530 Tue, 02 Feb 2021 14:51:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403571 The Tribunal remitted the issue of interest on interest-free advances back to the AO for proper computation based on available interest-bearing funds. Additionally, it directed the deletion of the disallowed interest and penalty for late TDS payment, as they were not considered offenses under section 37(1) of the Act. The appeal was partly allowed in favor of the assessee. Case-Laws Income Tax Wed, 06 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403571