Appeal dismissed over disallowed interest under Section 80M

The High Court of Bombay dismissed the appeal challenging the disallowance of interest under Section 80M of the Income Tax Act for the assessment year 1992-93. The ITAT's decision to delete the disallowance was upheld as it found no nexus between borrowed funds and investments, with the assessee having adequate funds for investments. The Court concluded that no substantial question of law emerged from the case, resulting in the dismissal of the appeal without costs.

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The High Court of Bombay dismissed the appeal regarding the disallowance of interest under Section 80M of the Income Tax Act, 1961 for the assessment year 1992-93. The ITAT deleted the disallowance, stating there was no nexus between borrowed funds and investments, and the assessee had sufficient funds for investments. The Tribunal's decision was based on factual findings, and no substantial question of law arose. The appeal was dismissed with no costs.

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