https://www.taxtmi.com/caselaws?id=295540 The Tribunal ruled in favor of the assessee, setting aside the disallowance under section 43B of the Income Tax Act. It was established that the interest amount was genuinely paid from the Cash Credit/Overdraft account, distinguishing it from cases where conversion into a loan was not considered payment. The operational nature of the account and the actual payment of interest from the fluctuating balance led to the allowance of the assessee's appeals. en-us Mon, 10 Feb 2014 00:00:00 +0530 Wed, 09 Jun 2021 09:24:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295540 The Tribunal ruled in favor of the assessee, setting aside the disallowance under section 43B of the Income Tax Act. It was established that the interest amount was genuinely paid from the Cash Credit/Overdraft account, distinguishing it from cases where conversion into a loan was not considered payment. The operational nature of the account and the actual payment of interest from the fluctuating balance led to the allowance of the assessee's appeals. Case-Laws Income Tax Mon, 10 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295540