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2022 (7) TMI 998 - AT - Income TaxDisallowing the interest expenditure - Addition u/s. 36(1)(iii) the same was not incurred for the purpose of business - As per assessee he has more interest free funds available with it for making investment in the interest free advances - HELD THAT:- We direct the AO to restrict the disallowance of interest as the factual situation categorically states that the assessee has more interest free funds available with it than the interest free advances given by assessee. In such situation, we restrict the disallowance and direct the AO accordingly. The appeal of the assessee is partly allowed.
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