https://www.taxtmi.com/caselaws?id=753177 The ITAT Ahmedabad dismissed the assessee's appeal on interest disallowance u/s 36(1)(iii) for advances to employee's wife, finding substantial interest-free funds available against loan amount based on previous year's precedent. The addition u/s 145A regarding excise duty on closing stock was deleted following CIT(A)'s order, which relied on SC decisions in Indo Nippon Chemicals and Dynavision cases, as revenue failed to controvert findings. However, disallowance u/s 14A r.w. Rule 8D of Rs. 2,73,643 for indirect expenses related to exempt dividend income was upheld, confirming CIT(A)'s order. en-us Wed, 03 Apr 2024 00:00:00 +0530 Tue, 28 May 2024 10:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753177 The ITAT Ahmedabad dismissed the assessee's appeal on interest disallowance u/s 36(1)(iii) for advances to employee's wife, finding substantial interest-free funds available against loan amount based on previous year's precedent. The addition u/s 145A regarding excise duty on closing stock was deleted following CIT(A)'s order, which relied on SC decisions in Indo Nippon Chemicals and Dynavision cases, as revenue failed to controvert findings. However, disallowance u/s 14A r.w. Rule 8D of Rs. 2,73,643 for indirect expenses related to exempt dividend income was upheld, confirming CIT(A)'s order. Case-Laws Income Tax Wed, 03 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753177