https://www.taxtmi.com/caselaws?id=409868 The appeal by the assessee was partly allowed. The Tribunal directed the AO to allow the interest expenses of Rs. 4,06,16,220/- as the liability crystallized during the year under consideration. For the disallowance under section 36(1)(iii), the AO was instructed to compute and restrict the disallowance to the portion attributable to the interest-free advances. Additionally, the AO was directed to consider the set-off of brought forward business loss after verifying the records. en-us Fri, 25 Jun 2021 00:00:00 +0530 Sat, 17 Jul 2021 19:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409868 The appeal by the assessee was partly allowed. The Tribunal directed the AO to allow the interest expenses of Rs. 4,06,16,220/- as the liability crystallized during the year under consideration. For the disallowance under section 36(1)(iii), the AO was instructed to compute and restrict the disallowance to the portion attributable to the interest-free advances. Additionally, the AO was directed to consider the set-off of brought forward business loss after verifying the records. Case-Laws Income Tax Fri, 25 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409868