https://www.taxtmi.com/caselaws?id=429003 The Tribunal upheld the disallowance of interest expenses under Section 57(iii) and Section 40A(2) of the I.T. Act, 1961, due to lack of commercial justification for interest rate differentials. The appeal against the disallowance of Rs. 21,13,971 was partially allowed by the Ld. CIT(A) but dismissed by the Tribunal. The Tribunal also condoned the appeal's delay due to the Covid-19 pandemic, following a Supreme Court directive. en-us Wed, 12 Oct 2022 00:00:00 +0530 Sat, 15 Oct 2022 10:44:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429003 The Tribunal upheld the disallowance of interest expenses under Section 57(iii) and Section 40A(2) of the I.T. Act, 1961, due to lack of commercial justification for interest rate differentials. The appeal against the disallowance of Rs. 21,13,971 was partially allowed by the Ld. CIT(A) but dismissed by the Tribunal. The Tribunal also condoned the appeal's delay due to the Covid-19 pandemic, following a Supreme Court directive. Case-Laws Income Tax Wed, 12 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429003