https://www.taxtmi.com/caselaws?id=764122 The Tribunal allowed the appeal, overturning the disallowance of Rs. 16,83,705/- under Section 36(1)(iii) of the Income Tax Act, finding that the advances were for business purposes and not interest-free loans. The Tribunal also condoned the 224-day delay in filing the appeal due to medical exigencies faced by the assessee, applying principles of natural justice. The decision emphasized that business-related advances should not automatically lead to disallowance of interest expenses if justified by business needs, and genuine reasons for delay are valid grounds for condonation. en-us Wed, 01 Jan 2025 00:00:00 +0530 Fri, 03 Jan 2025 08:45:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764122 The Tribunal allowed the appeal, overturning the disallowance of Rs. 16,83,705/- under Section 36(1)(iii) of the Income Tax Act, finding that the advances were for business purposes and not interest-free loans. The Tribunal also condoned the 224-day delay in filing the appeal due to medical exigencies faced by the assessee, applying principles of natural justice. The decision emphasized that business-related advances should not automatically lead to disallowance of interest expenses if justified by business needs, and genuine reasons for delay are valid grounds for condonation. Case-Laws Income Tax Wed, 01 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764122