https://www.taxtmi.com/caselaws?id=312134 The ITAT Ahmedabad allowed the assessee's appeal, overturning the decisions of the Assessing Officer and CIT(A), who had disallowed Rs. 1,33,109/- under section 40A(2)(b) of the Income Tax Act, 1961 for the assessment year 2008-09. The Tribunal found no independent evidence supporting the claim that the interest paid to related parties was excessive compared to market rates. Citing a jurisdictional HC precedent, the Tribunal ruled in favor of the assessee, deleting the disallowed interest addition. The order was pronounced on 21-10-2015. en-us Wed, 21 Oct 2015 00:00:00 +0530 Fri, 02 Feb 2024 21:38:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312134 The ITAT Ahmedabad allowed the assessee's appeal, overturning the decisions of the Assessing Officer and CIT(A), who had disallowed Rs. 1,33,109/- under section 40A(2)(b) of the Income Tax Act, 1961 for the assessment year 2008-09. The Tribunal found no independent evidence supporting the claim that the interest paid to related parties was excessive compared to market rates. Citing a jurisdictional HC precedent, the Tribunal ruled in favor of the assessee, deleting the disallowed interest addition. The order was pronounced on 21-10-2015. Case-Laws Income Tax Wed, 21 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312134