https://www.taxtmi.com/caselaws?id=456506 The Tribunal set aside the impugned order, allowing the assessee's appeal. It found that the Assessing Officer failed to compare the interest rates paid to related parties with those paid to other parties, and did not determine the fair market value as required by section 40A(2)(a) of the Income Tax Act, 1961. Consequently, the disallowance of interest expenditure was deleted, underscoring the necessity for proper assessment and compliance with statutory provisions. en-us Wed, 11 Oct 2023 00:00:00 +0530 Tue, 30 Jul 2024 20:10:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456506 The Tribunal set aside the impugned order, allowing the assessee's appeal. It found that the Assessing Officer failed to compare the interest rates paid to related parties with those paid to other parties, and did not determine the fair market value as required by section 40A(2)(a) of the Income Tax Act, 1961. Consequently, the disallowance of interest expenditure was deleted, underscoring the necessity for proper assessment and compliance with statutory provisions. Case-Laws Income Tax Wed, 11 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456506