https://www.taxtmi.com/caselaws?id=408445 The ITAT allowed the Assessee's appeal, overturning the disallowance under section 40A(2) of the Act. The court emphasized the importance of justifying interest rates paid to different parties based on market rates and ruled that varying rates do not necessarily indicate excessive payments. The decision focused on the appellant's arguments regarding the reasonableness of the interest rates, leading to the dismissal of penalties and interest levied under other sections of the Act. en-us Mon, 15 Mar 2021 00:00:00 +0530 Fri, 11 Jun 2021 08:48:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408445 The ITAT allowed the Assessee's appeal, overturning the disallowance under section 40A(2) of the Act. The court emphasized the importance of justifying interest rates paid to different parties based on market rates and ruled that varying rates do not necessarily indicate excessive payments. The decision focused on the appellant's arguments regarding the reasonableness of the interest rates, leading to the dismissal of penalties and interest levied under other sections of the Act. Case-Laws Income Tax Mon, 15 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408445