https://www.taxtmi.com/caselaws?id=71300 The appeal was partly allowed, with Ground No. 1 accepted regarding the disallowance of life membership fees as business expenditure. Ground No. 2 was rejected as it was not pressed by the assessee. Ground No. 3, involving the disallowance of interest paid on borrowed funds due to interest-free loans, was rejected based on the Tribunal's analysis and relevant precedents. en-us Tue, 31 Oct 2006 00:00:00 +0530 Fri, 22 Apr 2011 14:45:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71300 The appeal was partly allowed, with Ground No. 1 accepted regarding the disallowance of life membership fees as business expenditure. Ground No. 2 was rejected as it was not pressed by the assessee. Ground No. 3, involving the disallowance of interest paid on borrowed funds due to interest-free loans, was rejected based on the Tribunal's analysis and relevant precedents. Case-Laws Income Tax Tue, 31 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71300