https://www.taxtmi.com/caselaws?id=775514 The ITAT Chandigarh upheld the CIT (Appeals) order disallowing interest expenses under section 36(1)(iii), finding that advances were not made from interest-bearing funds for non-business purposes. The Tribunal rejected Revenue's contention regarding the genuineness of loanee companies and affirmed the deletion of disallowance for all four assessment years. Regarding addition under section 14A for expenses related to tax-free income, the CIT (Appeals) found no tax-free income was earned by the assessee, thus no disallowance was warranted. The ITAT relied on precedents from Gujarat HC and Delhi HC to support these findings and dismissed Revenue's repeated adjournment requests as irrelevant. en-us Wed, 23 Jul 2025 00:00:00 +0530 Sat, 26 Jul 2025 08:39:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775514 The ITAT Chandigarh upheld the CIT (Appeals) order disallowing interest expenses under section 36(1)(iii), finding that advances were not made from interest-bearing funds for non-business purposes. The Tribunal rejected Revenue's contention regarding the genuineness of loanee companies and affirmed the deletion of disallowance for all four assessment years. Regarding addition under section 14A for expenses related to tax-free income, the CIT (Appeals) found no tax-free income was earned by the assessee, thus no disallowance was warranted. The ITAT relied on precedents from Gujarat HC and Delhi HC to support these findings and dismissed Revenue's repeated adjournment requests as irrelevant. Case-Laws Income Tax Wed, 23 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775514