https://www.taxtmi.com/caselaws?id=63130 The Tribunal reversed the CIT (A)'s decision and upheld the ITO's disallowance of Rs. 3,40,000 interest on loans, finding that borrowed funds were used for non-business purposes based on debit balances in partners' accounts and interest-free advances to related parties. The Tribunal disagreed with the CIT (A)'s reasoning and concluded that the disallowance was justified, allowing the Revenue's appeal. en-us Fri, 11 Jan 1985 00:00:00 +0530 Thu, 27 Jan 2011 19:08:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63130 The Tribunal reversed the CIT (A)'s decision and upheld the ITO's disallowance of Rs. 3,40,000 interest on loans, finding that borrowed funds were used for non-business purposes based on debit balances in partners' accounts and interest-free advances to related parties. The Tribunal disagreed with the CIT (A)'s reasoning and concluded that the disallowance was justified, allowing the Revenue's appeal. Case-Laws Income Tax Fri, 11 Jan 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63130