No Interest Disallowance Where Own Funds Are Ample & Interest Income Reflected in Form 26AS

Sharad Agarwal Vs ITO (ITAT Indore) ITAT Indore: No Interest Disallowance Where Own Funds Are Ample & Interest Income Reflected in Form 26AS The Income Tax Appellate Tribunal allowed the assessee’s appeal for AY 2014-15 and deleted both interest-related disallowances made by the Assessing Officer. On the first issue, the AO had disallowed proportionate interest of ₹64,048 on the ground that the assessee had advanced interest-free loans to family members while using borrowed funds. The Tribunal found that the assessee possessed substantial interest-free own capital of about ₹1.51 cror...