No Disallowance u/s 36(1)(iii) as Amount was Advanced during Normal Course of Business: ITAT [Read Order]

Disallowance - Advanced during Normal Course of Business - Normal Course of Business - Business - ITAT - Taxscan

The Raipur Bench of Income Tax Appellate Tribunal (ITAT) has held that no disallowance could be made under Section 36(1)(iii) of the Income Tax Act, 1961, as the amount was advanced during the normal course of business. The assessee firm Hotel Ishika had e-filed its return of income declaring an income and the original assessment…

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