https://www.taxtmi.com/caselaws?id=753606 ITAT Delhi allowed the assessee's appeal on multiple grounds. The tribunal deleted disallowance of interest expenditure under Section 36(1)(iii), finding that borrowed funds were invested in equity/preference shares, not interest-free advances, and sufficient interest-free funds were available. Following precedent from earlier assessment years, the disallowance was improper. Various other issues including land acquisition costs, capital losses, travel expenses, and sales promotion expenses were either decided in favor of the assessee or remanded to AO for fresh consideration with proper opportunity of hearing. en-us Fri, 31 May 2024 00:00:00 +0530 Wed, 05 Jun 2024 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753606 ITAT Delhi allowed the assessee's appeal on multiple grounds. The tribunal deleted disallowance of interest expenditure under Section 36(1)(iii), finding that borrowed funds were invested in equity/preference shares, not interest-free advances, and sufficient interest-free funds were available. Following precedent from earlier assessment years, the disallowance was improper. Various other issues including land acquisition costs, capital losses, travel expenses, and sales promotion expenses were either decided in favor of the assessee or remanded to AO for fresh consideration with proper opportunity of hearing. Case-Laws Income Tax Fri, 31 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753606