https://www.taxtmi.com/caselaws?id=759192 ITAT Pune ruled in favor of the assessee regarding disallowance of interest on borrowed capital advanced to wholly owned subsidiary. The tribunal held that advancing funds to subsidiary constitutes commercial expediency, citing SC precedent in S.A. Builders case. Following Delhi ITAT decision in Moonrock Hospitality, the tribunal determined no disallowance warranted under section 36(1)(iii) of IT Act. CIT(A) order was set aside, directing AO to delete the addition. Assessee's grounds were allowed. en-us Tue, 23 Jul 2024 00:00:00 +0530 Wed, 25 Sep 2024 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759192 ITAT Pune ruled in favor of the assessee regarding disallowance of interest on borrowed capital advanced to wholly owned subsidiary. The tribunal held that advancing funds to subsidiary constitutes commercial expediency, citing SC precedent in S.A. Builders case. Following Delhi ITAT decision in Moonrock Hospitality, the tribunal determined no disallowance warranted under section 36(1)(iii) of IT Act. CIT(A) order was set aside, directing AO to delete the addition. Assessee's grounds were allowed. Case-Laws Income Tax Tue, 23 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759192