https://www.taxtmi.com/caselaws?id=434398 The Tribunal overturned the decision of the Commissioner of Income Tax (Appeals) and ruled in favor of the assessee, a private limited company engaged in manufacturing jute goods. The disallowance of interest expenditure amounting to Rs.11,74,989/- was deemed unjustified as the Tribunal found that the assessee had sufficient interest-free funds to support providing interest-free loans and advances. Consequently, the Tribunal allowed all grounds raised by the assessee, resulting in a successful appeal for the assessee. en-us Mon, 20 Feb 2023 00:00:00 +0530 Thu, 23 Feb 2023 08:52:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434398 The Tribunal overturned the decision of the Commissioner of Income Tax (Appeals) and ruled in favor of the assessee, a private limited company engaged in manufacturing jute goods. The disallowance of interest expenditure amounting to Rs.11,74,989/- was deemed unjustified as the Tribunal found that the assessee had sufficient interest-free funds to support providing interest-free loans and advances. Consequently, the Tribunal allowed all grounds raised by the assessee, resulting in a successful appeal for the assessee. Case-Laws Income Tax Mon, 20 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434398