{"id":48692,"date":"2024-12-01T10:53:24","date_gmt":"2024-12-01T05:23:24","guid":{"rendered":"https:\/\/itatonline.org\/digest\/jasmatbhai-nanubhai-vidiya-v-dcit-2024-206-itd-44-surat-trib-2\/"},"modified":"2024-12-01T10:53:24","modified_gmt":"2024-12-01T05:23:24","slug":"jasmatbhai-nanubhai-vidiya-v-dcit-2024-206-itd-44-surat-trib-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/jasmatbhai-nanubhai-vidiya-v-dcit-2024-206-itd-44-surat-trib-2\/","title":{"rendered":"Jasmatbhai Nanubhai Vidiya v. DCIT (2024) 206 ITD 44 (Surat) (Trib.)"},"content":{"rendered":"<p>Assessee had advanced interest-free loans\/advances to outside parties. Assessing Officer held\u00a0 that since 55.05 per cent of all funds were from interest-bearing sources, hence it was fair and reasonable to hold that 55.05 per cent of claimed interest-free advances had been sourced from interest-bearing funds and to that extent, interest-bearing funds had been shifted to cost-free advances. Assessing Officer\u00a0 disallowed interest paid to extent of Rs. 52.30 lakhs out of total interest paid of Rs. 66.05 lakhs. CIT(A) affirmed the order of the AO. On appeal the Tribunal held that\u00a0 since assessee&#8217;s own funds were more than interest-free advances,\u00a0 disallowance\u00a0 is deleted. (AY. 2017-18)\u00a0 AY. 2017-18)\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 36(1)(iii) : Interest on borrowed capital-Loans and advances-Own funds are more than interest bearing funds-No disallowance can be made.   <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-48692","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cFm","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48692","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=48692"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48692\/revisions"}],"predecessor-version":[{"id":48693,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48692\/revisions\/48693"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=48692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=48692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=48692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}