https://www.taxtmi.com/caselaws?id=308431 The ITAT dismissed the revenue's appeal against the CIT (A)'s decision to delete the disallowance of interest on loans. The ITAT upheld that the interest-free advances were justified as they were made from available interest-free funds, in line with relevant case laws, including the decision in CIT vs. Reliance Utilities. The assessee's position that the loans were from own capital funds and the presence of interest-free funds supported the outcome, emphasizing the business necessity for advancing interest-free loans. en-us Fri, 14 Nov 2014 00:00:00 +0530 Mon, 26 Jun 2023 20:41:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308431 The ITAT dismissed the revenue's appeal against the CIT (A)'s decision to delete the disallowance of interest on loans. The ITAT upheld that the interest-free advances were justified as they were made from available interest-free funds, in line with relevant case laws, including the decision in CIT vs. Reliance Utilities. The assessee's position that the loans were from own capital funds and the presence of interest-free funds supported the outcome, emphasizing the business necessity for advancing interest-free loans. Case-Laws Income Tax Fri, 14 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308431