https://www.taxtmi.com/caselaws?id=62335 The Tribunal allowed the Revenue's appeal, reinstating the disallowance of Rs. 17,23,568 made by the Assessing Officer. The disallowance of interest expenditure was upheld as the Tribunal found no functional nexus between the assessee's business and the activities of the associate concerns to justify the interest-free advances. The diversion of funds did not serve the business purpose of the assessee, leading to the restoration of the disallowance. en-us Wed, 18 Feb 2009 00:00:00 +0530 Wed, 12 Jun 2013 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62335 The Tribunal allowed the Revenue's appeal, reinstating the disallowance of Rs. 17,23,568 made by the Assessing Officer. The disallowance of interest expenditure was upheld as the Tribunal found no functional nexus between the assessee's business and the activities of the associate concerns to justify the interest-free advances. The diversion of funds did not serve the business purpose of the assessee, leading to the restoration of the disallowance. Case-Laws Income Tax Wed, 18 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62335