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of <h1>SC granted leave in the case. Advocates for petitioner and respondent mentioned.</h1> <h3>M/s Embassy Development Corporation Versus The Assistant Commissioner of Income Tax</h3> SC granted leave in the case. Advocates for petitioner and respondent mentioned. - M/s Embassy Development Corporation Versus The Assistant Commissioner ... Disallowance of interest on borrowed loan - advances to sister concern - HC held that [2015 (9) TMI 1055 - KARNATAKA HIGH COURT] though the borrowed money was advanced in favour of the sister concern of the assessee in the year 1999-2000, the sister concern has also not utilized the said amount for the said purpose. Even after three years, the said project has not been commenced, however the sister concern has diverted the said amount for some other project - Held that:- Heard. Leave granted. The Supreme Court granted leave in the case. Key persons involved were mentioned as advocates for both the petitioner and the respondent.
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