https://www.taxtmi.com/caselaws?id=775931 ITAT Mumbai held that interest disallowance should be computed using the average interest rate of 9.39% on borrowed funds used for interest-free loans, not the AO's applied rate of 18%. The matter was remanded with directions to disallow interest expense accordingly on Rs. 4.86 lakhs. Regarding short-term capital gains and commission expenses, the tribunal accepted the assessee's documentation and transactions through the stock exchange, finding no basis for additions. The AO was directed to accept the declared short-term capital gains and delete the estimated commission expense additions. en-us Wed, 01 Jan 2025 00:00:00 +0530 Sat, 02 Aug 2025 07:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775931 ITAT Mumbai held that interest disallowance should be computed using the average interest rate of 9.39% on borrowed funds used for interest-free loans, not the AO's applied rate of 18%. The matter was remanded with directions to disallow interest expense accordingly on Rs. 4.86 lakhs. Regarding short-term capital gains and commission expenses, the tribunal accepted the assessee's documentation and transactions through the stock exchange, finding no basis for additions. The AO was directed to accept the declared short-term capital gains and delete the estimated commission expense additions. Case-Laws Income Tax Wed, 01 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775931