https://www.taxtmi.com/caselaws?id=310886 The ITAT Mumbai-AT partially allowed the appellant's case regarding disallowance of interest on advances for acquiring development rights. The tribunal held that interest disallowance should be restricted to the actual advance amount given to the company, excluding registration and stamp duty charges. Since the advance was granted on 31.12.2009, the disallowance period was limited to three months (31.12.09 to 31.03.10) rather than the full year. The AO was directed to recompute the disallowance accordingly, considering only the actual advance amount and the specified three-month period. en-us Wed, 02 Mar 2016 00:00:00 +0530 Thu, 23 Nov 2023 19:53:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310886 The ITAT Mumbai-AT partially allowed the appellant's case regarding disallowance of interest on advances for acquiring development rights. The tribunal held that interest disallowance should be restricted to the actual advance amount given to the company, excluding registration and stamp duty charges. Since the advance was granted on 31.12.2009, the disallowance period was limited to three months (31.12.09 to 31.03.10) rather than the full year. The AO was directed to recompute the disallowance accordingly, considering only the actual advance amount and the specified three-month period. Case-Laws Income Tax Wed, 02 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310886