https://www.taxtmi.com/highlights?id=77865 ITAT Ahmedabad held that disallowance of interest u/s. 36(1)(iii) was unjustified as the assessee had substantial interest-free funds. Addition u/s. 145A for excise duty on closing stock was deleted based on Supreme Court decisions. Disallowance u/s. 14A r.w.r. 8D for exempt income was upheld as indirect expenses were involved. The disallowance made by the Assessing Officer was approved by the Ld.CIT(A). en-us Tue, 28 May 2024 07:35:18 +0530 Tue, 28 May 2024 07:35:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=77865 ITAT Ahmedabad held that disallowance of interest u/s. 36(1)(iii) was unjustified as the assessee had substantial interest-free funds. Addition u/s. 145A for excise duty on closing stock was deleted based on Supreme Court decisions. Disallowance u/s. 14A r.w.r. 8D for exempt income was upheld as indirect expenses were involved. The disallowance made by the Assessing Officer was approved by the Ld.CIT(A). Highlights Income Tax Tue, 28 May 2024 07:35:18 +0530 https://www.taxtmi.com/highlights?id=77865