ITAT deletes Addition u/s 36(1)(iii) of Income Tax Act as AO failed to Prove Interest Bearing Fund/Loans were not utilized for Business Purposes [Read Order]

By Namaskar Acharya - On August 20, 2023 7:00 am - 2 mins read

ITAT deletes addition - Income Tax Act - ITAT - Interest Bearing Fund - Loans - business purposes - taxscan

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that Interest free advances given by the assessee were made in the course of business of the assessee. The assessee was found making huge advances by the Assessing Officer (AO) on which no interest wascharged, and at the same time, he found that the…

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