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Interest Disallowance u/s 36(1)(iii) Not Warranted Due to Adequate Interest-Free Funds for Subsidiary Advances.

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....Disallowance of interest u/s 36(1)(iii) - advance to subsidiary companies - there is no finding by the AO that the subsidiary companies have not utilised the borrowed money for their respective businesses - in addition to interest free funds available with the assessee in the form of share capital and reserves and surplus is sufficient for making interest free funds in subsidiary companies no disallowance....

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