No Interest Disallowance on Business Receivables from Sister Concern: ITAT Delhi

Ruchi Jain Vs Assessing Officer (ITAT Delhi) No Interest Disallowance on Business Receivables from Sister Concern: ITAT Delhi Deletes ₹75.61 Lakh Disallowance under Section 36(1)(iii) The Delhi Bench of the ITAT allowed the assessee’s appeal for AY 2012-13 and deleted the disallowance of ₹75.61 lakh made under section 36(1)(iii) on account of alleged interest-free advances to a related concern, M/s Jainsons Exports. The reassessment had been initiated on the premise that the assessee did not charge interest on a debit balance standing in the account of the related party, while paying int...