High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Disallowance of Interest on Funds Advanced to Sister Concern Not Justified When Own Funds Exceed Advances. The court upheld the Tribunal's finding that no disallowance under Section 36(1)(iii) of the Income Tax Act, 1961 is warranted when the assessee's own funds are sufficient to cover advances to sister concerns....
The case involves appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, against the common order of the Income Tax Appellate Tribunal (ITAT) for various assessment years. The as...
