https://www.taxtmi.com/caselaws?id=762916 ITAT Agra allowed the appeal, deleting the disallowance of interest expenditure on interest-free advances to farmers. The tribunal held that providing interest-free advances to potato growers to secure their produce for cold storage was a valid business expediency. The assessee demonstrated business purpose by earning rent of Rs. 77,76,480 from 549 farmers storing 169,054 packets. The tribunal emphasized that revenue authorities cannot substitute their judgment for business decisions made for commercial expediency and profit maximization. en-us Fri, 06 Dec 2024 00:00:00 +0530 Mon, 09 Dec 2024 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762916 ITAT Agra allowed the appeal, deleting the disallowance of interest expenditure on interest-free advances to farmers. The tribunal held that providing interest-free advances to potato growers to secure their produce for cold storage was a valid business expediency. The assessee demonstrated business purpose by earning rent of Rs. 77,76,480 from 549 farmers storing 169,054 packets. The tribunal emphasized that revenue authorities cannot substitute their judgment for business decisions made for commercial expediency and profit maximization. Case-Laws Income Tax Fri, 06 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762916