https://www.taxtmi.com/caselaws?id=303957 The appeal addressed the disallowance of interest on unsecured loans exceeding 18% under section 40A(2)(b) of the IT Act. The Tribunal found the interest paid was not excessive and directed the AO to delete the disallowance. The appeal was allowed based on the lack of evidence showing the interest rate was above the fair market rate. Other grounds of appeal were dismissed or rejected, resulting in the deletion of the disallowance of interest on unsecured loans. en-us Thu, 28 Jul 2016 00:00:00 +0530 Sun, 28 Aug 2022 12:56:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303957 The appeal addressed the disallowance of interest on unsecured loans exceeding 18% under section 40A(2)(b) of the IT Act. The Tribunal found the interest paid was not excessive and directed the AO to delete the disallowance. The appeal was allowed based on the lack of evidence showing the interest rate was above the fair market rate. Other grounds of appeal were dismissed or rejected, resulting in the deletion of the disallowance of interest on unsecured loans. Case-Laws Income Tax Thu, 28 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303957