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“Section 26(1)(iii)”

Section References (mined)Section 26Section 26(1)(iii)3 judgments

The decision most relied on for Section 26(1)(iii) is Munjal Sales Corpn v. CIT (168 Taxmann 43), cited in 44 judgments on BharatTax.

Leading authorities on Section 26(1)(iii)

Munjal Sales Corpn v. CIT
168 Taxmann 43 · 2008 · Supreme Court
44
citing judgments

When an assessee provides interest-free advances, no disallowance of interest on borrowed capital under section 36(1)(iii) can be made if it is established that the advances were funded from the assessee's own available funds and not from borrowed funds.

Judgments citing Section 26(1)(iii)

Bps Mineral Exports Private Limited, Ahmedabad vs. The Income Tax Officer, Ward-1(1)(2), Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 282/AHD/2024[2016-17]Status: DisposedITAT Ahmedabad01 Jan 2025AY 2016-17

Bench: Ms. Suchitra Kamble

For Appellant: Shri Tushar Hemani, Sr. Adv. &For Respondent: Shri C Dharani Nath, Sr. D.R
Section 250Section 26(1)(iii)Section 36(1)(iii)

discounting charges” debited under the head Finance cost in the profit and loss account of the appellant thereby invoking the provisions of section 26(1)(iii) which is not justified because Hon’ble CIT(A) has not considered the facts of the case and also not going into ... dismissed the appeal of the assessee. 5. The Ld. A.R. submitted that the Assessing Officer made disallowance of Rs. 16,83,705/- under Section 26(1)(iii) of the Income Tax Act in respect of “LC discounting charges”. The interest free funds / BPS Mineral Exports Pvt. Ltd. vs. ITO Asst.Year

ACIT, Circle- 19(1), New Delhi vs. Ojas Industries (P) Ltd., New Delhi

In the result, the appeal of the assessee is allowed and the appeal of the Revenue is dismissed

ITA 4143/DEL/2017[2008-09]Status: DisposedITAT Delhi07 Feb 2024AY 2008-09

Bench: Dr. B. R. R. Kumarshri Yogesh Kumar Us

For Appellant: Sh. K.V.S.R. Krishna, CAFor Respondent: Sh. Subhra Jyoti Chakraborty, CIT-DR
Section 14ASection 37

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’, NEW DELHI Before Dr. B. R. R. Kumar, Accountant Member Shri

M/S. Ojas Industries (P) Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is allowed and the appeal of the Revenue is dismissed

ITA 3714/DEL/2017[2008-09]Status: DisposedITAT Delhi07 Feb 2024AY 2008-09

Bench: Dr. B. R. R. Kumarshri Yogesh Kumar Us

For Appellant: Sh. K.V.S.R. Krishna, CAFor Respondent: Sh. Subhra Jyoti Chakraborty, CIT-DR
Section 14ASection 37

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’, NEW DELHI Before Dr. B. R. R. Kumar, Accountant Member Shri