https://www.taxtmi.com/caselaws?id=57077 The Revenue's appeal against the disallowance of interest under section 36(1)(iii) of the IT Act was dismissed, as the CIT(A) ruled in favor of the assessee, finding no justification for the disallowance. On the other hand, the assessee's cross-objection challenging the disallowance of interest under section 40A(2) of the IT Act was allowed by the Tribunal, which deemed the interest rate of 12% reasonable based on trade norms, contrary to the AO's decision. en-us Thu, 31 Aug 2000 00:00:00 +0530 Wed, 08 Dec 2010 13:03:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57077 The Revenue's appeal against the disallowance of interest under section 36(1)(iii) of the IT Act was dismissed, as the CIT(A) ruled in favor of the assessee, finding no justification for the disallowance. On the other hand, the assessee's cross-objection challenging the disallowance of interest under section 40A(2) of the IT Act was allowed by the Tribunal, which deemed the interest rate of 12% reasonable based on trade norms, contrary to the AO's decision. Case-Laws Income Tax Thu, 31 Aug 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57077