https://www.taxtmi.com/caselaws?id=449954 The ITAT Mumbai set aside the AO's disallowance of interest expenditure under section 40A(2)(b) on loans from related parties at 18% interest, remanding the matter for fresh adjudication with opportunity for the assessee to justify fair market value. The tribunal allowed the assessee's appeal regarding notional interest addition on idle bank funds, finding the funds were necessary working capital for airline payments in the freight business and the addition lacked legal authority. The disallowance of transportation charges for non-deduction of TDS was remanded to AO, granting the assessee opportunity to provide transporter's PAN to comply with section 194C(6) exemption. en-us Tue, 20 Feb 2024 00:00:00 +0530 Fri, 23 Feb 2024 08:23:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449954 The ITAT Mumbai set aside the AO's disallowance of interest expenditure under section 40A(2)(b) on loans from related parties at 18% interest, remanding the matter for fresh adjudication with opportunity for the assessee to justify fair market value. The tribunal allowed the assessee's appeal regarding notional interest addition on idle bank funds, finding the funds were necessary working capital for airline payments in the freight business and the addition lacked legal authority. The disallowance of transportation charges for non-deduction of TDS was remanded to AO, granting the assessee opportunity to provide transporter's PAN to comply with section 194C(6) exemption. Case-Laws Income Tax Tue, 20 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449954