https://www.taxtmi.com/caselaws?id=418227 The Tribunal upheld the CIT(A)'s order disallowing Rs. 6,48,000 under Section 36(1)(iii) of the Income Tax Act. The disallowance was partially vacated, considering the availability of interest-free funds with the assessee. The disallowance was restricted to 3% per annum for the remaining balance, aligning with the interest rate on partner capital. The Tribunal dismissed general grounds of appeal as not pressed. The decision applied to subsequent assessment years as well. en-us Fri, 24 Dec 2021 00:00:00 +0530 Fri, 11 Feb 2022 07:21:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418227 The Tribunal upheld the CIT(A)'s order disallowing Rs. 6,48,000 under Section 36(1)(iii) of the Income Tax Act. The disallowance was partially vacated, considering the availability of interest-free funds with the assessee. The disallowance was restricted to 3% per annum for the remaining balance, aligning with the interest rate on partner capital. The Tribunal dismissed general grounds of appeal as not pressed. The decision applied to subsequent assessment years as well. Case-Laws Income Tax Fri, 24 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418227