https://www.taxtmi.com/caselaws?id=64630 The Appellate Tribunal ruled in favor of the assessee company in the case involving the disallowance of interest difference between loans advanced to its subsidiary at a lower rate. The Tribunal considered the subsidiary as an extension of the parent company's business and found no established nexus between borrowings and lendings, leading to the deletion of the additions made by the Income Tax Officer. Additionally, the Tribunal allowed the payment made to the deceased employee's widow, considering it as falling under welfare provisions. Disallowances of entertainment expenses and general charges were also partly overturned by the Tribunal. en-us Tue, 26 Jul 1977 00:00:00 +0530 Wed, 09 Feb 2011 10:56:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64630 The Appellate Tribunal ruled in favor of the assessee company in the case involving the disallowance of interest difference between loans advanced to its subsidiary at a lower rate. The Tribunal considered the subsidiary as an extension of the parent company's business and found no established nexus between borrowings and lendings, leading to the deletion of the additions made by the Income Tax Officer. Additionally, the Tribunal allowed the payment made to the deceased employee's widow, considering it as falling under welfare provisions. Disallowances of entertainment expenses and general charges were also partly overturned by the Tribunal. Case-Laws Income Tax Tue, 26 Jul 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64630