https://www.taxtmi.com/caselaws?id=295610 The Tribunal upheld the CIT(A)'s decision in favor of the assessee, dismissing the Revenue's appeal regarding the applicability of section 40A(2)(b) of the Income Tax Act to interest paid to directors in excess of interest paid to other parties. The Tribunal found the interest rate of 18% paid to directors was reasonable based on comparable rates with other lenders, supporting the assessee's position. The Tribunal concluded that the interest paid to directors was justified and not in violation of the Act, leading to the dismissal of the Revenue's challenge. en-us Fri, 13 Apr 2018 00:00:00 +0530 Fri, 11 Jun 2021 08:47:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295610 The Tribunal upheld the CIT(A)'s decision in favor of the assessee, dismissing the Revenue's appeal regarding the applicability of section 40A(2)(b) of the Income Tax Act to interest paid to directors in excess of interest paid to other parties. The Tribunal found the interest rate of 18% paid to directors was reasonable based on comparable rates with other lenders, supporting the assessee's position. The Tribunal concluded that the interest paid to directors was justified and not in violation of the Act, leading to the dismissal of the Revenue's challenge. Case-Laws Income Tax Fri, 13 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295610