https://www.taxtmi.com/caselaws?id=71749 Interest on overdraft funds used to advance money to a partner's daughter for purchase of a flat lacked the necessary business nexus, because the borrowing was diverted away from the assessee-firm's business. The interest attributable to that non-business advance was therefore not deductible as business expenditure, and disallowance of proportionate interest was justified. en-us Wed, 15 Sep 1982 00:00:00 +0530 Tue, 26 Apr 2011 18:15:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71749 Interest on overdraft funds used to advance money to a partner's daughter for purchase of a flat lacked the necessary business nexus, because the borrowing was diverted away from the assessee-firm's business. The interest attributable to that non-business advance was therefore not deductible as business expenditure, and disallowance of proportionate interest was justified. Case-Laws Income Tax Wed, 15 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71749