https://www.taxtmi.com/caselaws?id=412254 The Tribunal dismissed the appeal, upholding the disallowance of interest-free advances to a subsidiary under section 36(1)(iii) of the Income Tax Act. The decision was based on the lack of commercial expediency and business advantage in the transactions, despite the appellant's reliance on a Supreme Court judgment. The Assessing Officer and CIT(A) both supported the disallowance, citing the absence of a connection between the businesses of the assessee and the subsidiary. The Tribunal's ruling emphasized the necessity of commercial expediency in such financial dealings, leading to the unfavorable outcome for the appellant. en-us Tue, 07 Sep 2021 00:00:00 +0530 Tue, 14 Sep 2021 08:48:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412254 The Tribunal dismissed the appeal, upholding the disallowance of interest-free advances to a subsidiary under section 36(1)(iii) of the Income Tax Act. The decision was based on the lack of commercial expediency and business advantage in the transactions, despite the appellant's reliance on a Supreme Court judgment. The Assessing Officer and CIT(A) both supported the disallowance, citing the absence of a connection between the businesses of the assessee and the subsidiary. The Tribunal's ruling emphasized the necessity of commercial expediency in such financial dealings, leading to the unfavorable outcome for the appellant. Case-Laws Income Tax Tue, 07 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412254