https://www.taxtmi.com/caselaws?id=431512 The ITAT allowed the appeal for statistical purposes, emphasizing the need to examine the availability of interest-free funds in determining the disallowance of interest. The judgment highlighted the legal principle that when interest-free funds are accessible to the assessee, a presumption arises regarding the utilization of such funds for non-business purposes. The ITAT's decision to remit the matter for further assessment based on the availability of interest-free funds aligns with established legal interpretations and ensures a fair evaluation of the interest disallowance issue. en-us Tue, 18 Oct 2022 00:00:00 +0530 Thu, 15 Dec 2022 09:31:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431512 The ITAT allowed the appeal for statistical purposes, emphasizing the need to examine the availability of interest-free funds in determining the disallowance of interest. The judgment highlighted the legal principle that when interest-free funds are accessible to the assessee, a presumption arises regarding the utilization of such funds for non-business purposes. The ITAT's decision to remit the matter for further assessment based on the availability of interest-free funds aligns with established legal interpretations and ensures a fair evaluation of the interest disallowance issue. Case-Laws Income Tax Tue, 18 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431512