Interest-Bearing Funds not Utilised for Advancing Funds: ITAT upholds deletion of Interest made u/s 36(1)(iii) [Read Order]

Interest Bearing Funds - Utilised - Advancing Funds - ITAT - Deletion - Interest - Taxscan

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that interest-bearing funds not utilised for advancing funds and upholds the deletion of interest made u/s 36(1)(iii). The assessee, SKM Fabrics (Amana) Ltd, is engaged in business of trading of locally man-made grey fabrics as well as manufactured/processed finished fabric through…

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