https://www.taxtmi.com/caselaws?id=440406 The Tribunal allowed the appeal of the assessee for Assessment Years 2012-13 and 2013-14, directing the AO to delete the addition of Rs. 27,66,685/- made towards the disallowance of interest expenditure under section 143(3) of the Income Tax Act, 1961. The Tribunal ruled in favor of the assessee, stating that there was no nexus between interest-bearing funds and interest-free advances, as the loan funds were not used for the advances. en-us Fri, 14 Jul 2023 00:00:00 +0530 Mon, 17 Jul 2023 15:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440406 The Tribunal allowed the appeal of the assessee for Assessment Years 2012-13 and 2013-14, directing the AO to delete the addition of Rs. 27,66,685/- made towards the disallowance of interest expenditure under section 143(3) of the Income Tax Act, 1961. The Tribunal ruled in favor of the assessee, stating that there was no nexus between interest-bearing funds and interest-free advances, as the loan funds were not used for the advances. Case-Laws Income Tax Fri, 14 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440406