https://www.taxtmi.com/caselaws?id=420027 The Tribunal ruled in favor of the assessee, rejecting the Revenue's appeal on both issues. It held that disallowance of interest on loans and advances was unwarranted as the company had sufficient non-interest bearing funds. Additionally, the Tribunal found the ad hoc disallowance of expenses unjustified, emphasizing the lack of valid basis and supporting evidence. Citing relevant case laws, the Tribunal upheld the CIT(A)'s decision to delete the disallowances, ultimately dismissing the Revenue's appeal due to insufficient evidence and justification for the disallowances. en-us Wed, 09 Mar 2022 00:00:00 +0530 Fri, 25 Mar 2022 08:35:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420027 The Tribunal ruled in favor of the assessee, rejecting the Revenue's appeal on both issues. It held that disallowance of interest on loans and advances was unwarranted as the company had sufficient non-interest bearing funds. Additionally, the Tribunal found the ad hoc disallowance of expenses unjustified, emphasizing the lack of valid basis and supporting evidence. Citing relevant case laws, the Tribunal upheld the CIT(A)'s decision to delete the disallowances, ultimately dismissing the Revenue's appeal due to insufficient evidence and justification for the disallowances. Case-Laws Income Tax Wed, 09 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420027