https://www.taxtmi.com/caselaws?id=64045 The Tribunal upheld the disallowance of interest by the Commissioner (Appeals) for the assessment year 1980-81, emphasizing that interest-free loans to partners put the firm at a financial disadvantage. The disagreement between the Judicial Member and the Accountant Member on the disallowance of interest was resolved in favor of the Accountant Member, leading to the deletion of the disallowance due to the lack of evidence supporting the diversion of borrowed funds for non-business purposes. en-us Wed, 23 Jul 1986 00:00:00 +0530 Thu, 03 Feb 2011 13:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64045 The Tribunal upheld the disallowance of interest by the Commissioner (Appeals) for the assessment year 1980-81, emphasizing that interest-free loans to partners put the firm at a financial disadvantage. The disagreement between the Judicial Member and the Accountant Member on the disallowance of interest was resolved in favor of the Accountant Member, leading to the deletion of the disallowance due to the lack of evidence supporting the diversion of borrowed funds for non-business purposes. Case-Laws Income Tax Wed, 23 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64045