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2013 (11) TMI 150 - AT - Income TaxDisallowance of interest u/s 36(1)(iii) – The assessee has given loans and advances to certain persons without charging interest from them - Held that:- the amount given to an employee for meeting out certain business expenses is treated as imprest - And amount to other persons are for business purposes and are therefore in the nature of trade debts – In case of some parties the amount was advanced for non business purposes, so proportionate disallowance of interest shall be given - Decided against assessee.
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