https://www.taxtmi.com/caselaws?id=103398 The Tribunal overturned the disallowance of interest on advances made by the assessee to related companies for non-business purposes. The Tribunal found that there was no direct correlation established between the borrowed funds and the advances made, leading to the conclusion that the disallowance of interest was unjustified. The Tribunal emphasized the importance of proving a direct link between borrowed funds and advances to related entities for interest deductions, ultimately ruling in favor of the assessee due to the lack of such a connection in this instance. en-us Thu, 31 Jan 2002 00:00:00 +0530 Wed, 22 Feb 2012 16:40:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103398 The Tribunal overturned the disallowance of interest on advances made by the assessee to related companies for non-business purposes. The Tribunal found that there was no direct correlation established between the borrowed funds and the advances made, leading to the conclusion that the disallowance of interest was unjustified. The Tribunal emphasized the importance of proving a direct link between borrowed funds and advances to related entities for interest deductions, ultimately ruling in favor of the assessee due to the lack of such a connection in this instance. Case-Laws Income Tax Thu, 31 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103398