ITAT Surat Deleted Interest Disallowance as Loans Given from Interest-Free Funds

Mega Automobiles Pvt. Ltd. Vs ACIT (ITAT Surat) The appeal was filed against the order of the National Faceless Appeal Centre (NFAC), Delhi, for Assessment Year 2017–18. The assessee challenged multiple additions and disallowances confirmed partly by the Commissioner of Income Tax (Appeals). The assessee had filed its return declaring total income of Rs. 51.51 lakh. During assessment, the Assessing Officer (AO) made several additions and disallowances aggregating to Rs. 43.90 lakh. These included: (i) disallowance of interest under section 36(1)(iii) amounting to Rs. 9.60 lakh, (ii) addition...