https://www.taxtmi.com/caselaws?id=296639 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to delete the disallowance of interest under section 36(1)(iii) of the Income Tax Act, emphasizing the commercial expediency of the loans and advances for business purposes. Additionally, the Tribunal granted permission for the appellant to withdraw the appeal against the disallowance under section 14A with liberty to raise the issue in future assessments if necessary. Ultimately, both the department's and the appellant's appeals were dismissed, clarifying the application of the relevant sections of the Income Tax Act in the context of business activities and investments. en-us Thu, 28 Jun 2018 00:00:00 +0530 Fri, 30 Jul 2021 21:16:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296639 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to delete the disallowance of interest under section 36(1)(iii) of the Income Tax Act, emphasizing the commercial expediency of the loans and advances for business purposes. Additionally, the Tribunal granted permission for the appellant to withdraw the appeal against the disallowance under section 14A with liberty to raise the issue in future assessments if necessary. Ultimately, both the department's and the appellant's appeals were dismissed, clarifying the application of the relevant sections of the Income Tax Act in the context of business activities and investments. Case-Laws Income Tax Thu, 28 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296639