ITAT deletes Disallowance of Rs.26.25 Lakh u/s 36(1)(iii) based on Records of Sufficient Interest-Free Funds and Commercial Expediency [Read Order]

Considering the assessee's sufficient interest-free funds and commercial expediency records, ITAT deleted AO’s disallowance under Section 36(1)(iii)
By Kavi Priya - On September 10, 2024 2:12 pm - 2 mins read
Income Tax - ITAT - ITAT judgment on commercial expediency - Tax disallowance under Section 36 - TAXSCAN

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the disallowance of Rs. 26.25 Lakh under Section 36(1)(iii) of Income Tax Act, 1961. This decision was made based on the assessee’s records submission of sufficient interest-free funds and commercial expediency. Oriental Enterprise Pvt. Ltd., (assessee) gave a loan of Rs.1.75 crore…

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