https://www.taxtmi.com/caselaws?id=426705 The ITAT Rajkot allowed the assessee's appeal, ruling against the disallowance of interest expenses under section 36(1)(iii) of the Income Tax Act, 1961 for the assessment year 2014-15. The tribunal found that the assessee had adequate interest-free funds exceeding the interest-free advances made, supported by legal precedents and the company's financial position. The decision emphasized the importance of assessing the business expediency of interest-free transactions based on the availability of funds, ultimately leading to the dismissal of the disallowance. en-us Wed, 27 Jul 2022 00:00:00 +0530 Wed, 24 Aug 2022 08:47:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426705 The ITAT Rajkot allowed the assessee's appeal, ruling against the disallowance of interest expenses under section 36(1)(iii) of the Income Tax Act, 1961 for the assessment year 2014-15. The tribunal found that the assessee had adequate interest-free funds exceeding the interest-free advances made, supported by legal precedents and the company's financial position. The decision emphasized the importance of assessing the business expediency of interest-free transactions based on the availability of funds, ultimately leading to the dismissal of the disallowance. Case-Laws Income Tax Wed, 27 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426705