https://www.taxtmi.com/caselaws?id=459795 Disallowance of interest expenditure under section 36(1)(iii) was held unwarranted where the assessee had sufficient interest-free own funds to cover the interest-free advances. The presence of own funds created a presumption that the advances were made from those funds, and the Revenue failed to rebut that presumption or show contrary material. On that basis, the interest disallowance was directed to be deleted. en-us Fri, 02 Dec 2022 00:00:00 +0530 Sat, 28 Dec 2024 00:31:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459795 Disallowance of interest expenditure under section 36(1)(iii) was held unwarranted where the assessee had sufficient interest-free own funds to cover the interest-free advances. The presence of own funds created a presumption that the advances were made from those funds, and the Revenue failed to rebut that presumption or show contrary material. On that basis, the interest disallowance was directed to be deleted. Case-Laws Income Tax Fri, 02 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459795