https://www.taxtmi.com/caselaws?id=434957 The Tribunal partly allowed the appeal, setting aside the assessment order to the limited extent of examining the interest expenses under Section 36(1)(iii). The AO was directed to re-examine the matter, ensuring a thorough analysis of the nexus between borrowed funds and interest-free advances, and the availability of interest-free funds at the relevant time. The Tribunal upheld the PCIT's invocation of Section 263 for the interest expenses but dismissed the grounds related to sundry creditors and other expenses as not pressed. en-us Fri, 27 Jan 2023 00:00:00 +0530 Tue, 07 Mar 2023 09:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434957 The Tribunal partly allowed the appeal, setting aside the assessment order to the limited extent of examining the interest expenses under Section 36(1)(iii). The AO was directed to re-examine the matter, ensuring a thorough analysis of the nexus between borrowed funds and interest-free advances, and the availability of interest-free funds at the relevant time. The Tribunal upheld the PCIT's invocation of Section 263 for the interest expenses but dismissed the grounds related to sundry creditors and other expenses as not pressed. Case-Laws Income Tax Fri, 27 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434957