The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has deleted an interest disallowance of Rs. 2.88 crore made under Section 36(1)(iii) of the Income Tax Act, 1961, holding that no diversion of borrowed funds can be alleged merely because partners made drawings, when the assessee possessed ample interest-free funds. The bench of Sanjay…
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