https://www.taxtmi.com/caselaws?id=762388 ITAT Surat allowed assessee's appeal regarding disallowance under section 36(1)(iii) for interest-free advances, finding no justification for disallowing interest expenses as assessee maintained running accounts with parties without charging or paying interest on short-term transactions. Regarding household expenses addition, tribunal partially allowed appeal, determining minimum household expenses of Rs. 30,000 monthly for four-member family in Surat, allowing benefit of Rs. 1.20 lacs plus assessee's withdrawal of Rs. 78,400, while sustaining remaining addition of Rs. 2,81,600. en-us Wed, 27 Nov 2024 00:00:00 +0530 Sat, 30 Nov 2024 08:41:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762388 ITAT Surat allowed assessee's appeal regarding disallowance under section 36(1)(iii) for interest-free advances, finding no justification for disallowing interest expenses as assessee maintained running accounts with parties without charging or paying interest on short-term transactions. Regarding household expenses addition, tribunal partially allowed appeal, determining minimum household expenses of Rs. 30,000 monthly for four-member family in Surat, allowing benefit of Rs. 1.20 lacs plus assessee's withdrawal of Rs. 78,400, while sustaining remaining addition of Rs. 2,81,600. Case-Laws Income Tax Wed, 27 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762388