https://www.taxtmi.com/caselaws?id=761904 ITAT Bangalore allowed the appeal regarding disallowance under section 36(1)(iii) for advances to related parties. The AO disallowed the advance as reserves and surplus were less than advances given. The tribunal found that no new advance was extended during the year, with the balance being outstanding from previous years and decreasing year-on-year. The opening balance was Rs. 10.47 crores with reserves at Rs. 61.60 crores. The tribunal directed deletion of the disallowance, ruling in favor of the assessee. en-us Mon, 21 Oct 2024 00:00:00 +0530 Tue, 19 Nov 2024 10:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761904 ITAT Bangalore allowed the appeal regarding disallowance under section 36(1)(iii) for advances to related parties. The AO disallowed the advance as reserves and surplus were less than advances given. The tribunal found that no new advance was extended during the year, with the balance being outstanding from previous years and decreasing year-on-year. The opening balance was Rs. 10.47 crores with reserves at Rs. 61.60 crores. The tribunal directed deletion of the disallowance, ruling in favor of the assessee. Case-Laws Income Tax Mon, 21 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761904