https://www.taxtmi.com/caselaws?id=412537 The tribunal allowed the appeal filed by the assessee, setting aside the disallowance of notional interest under section 36(1)(iii) of the Income Tax Act. The tribunal found that the assessee had sufficient own funds to cover the interest-free advance given to its subsidiary, thus justifying the commercial expediency for the interest-free advance. The outcome of the levying of interest under sections 234B and 234C, as well as the initiation of penalty proceedings under section 271(1)(c), was not explicitly detailed in the judgment summary. en-us Fri, 27 Aug 2021 00:00:00 +0530 Tue, 21 Sep 2021 08:24:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412537 The tribunal allowed the appeal filed by the assessee, setting aside the disallowance of notional interest under section 36(1)(iii) of the Income Tax Act. The tribunal found that the assessee had sufficient own funds to cover the interest-free advance given to its subsidiary, thus justifying the commercial expediency for the interest-free advance. The outcome of the levying of interest under sections 234B and 234C, as well as the initiation of penalty proceedings under section 271(1)(c), was not explicitly detailed in the judgment summary. Case-Laws Income Tax Fri, 27 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412537