https://www.taxtmi.com/caselaws?id=118472 The Tribunal upheld the decision of the CIT(A) disallowing interest expenditure of Rs. 3,25,25,750 for the assessment year 1997-98. It was found that the borrowed funds were not utilized for the assessee's business purposes but were diverted to a sister concern. The Tribunal concluded that the interest-free loan to the sister concern was not for the business objectives of the assessee, leading to the rejection of the appeal on the disallowance of interest expenditure. en-us Tue, 28 Feb 2006 00:00:00 +0530 Sat, 30 Jun 2012 18:14:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118472 The Tribunal upheld the decision of the CIT(A) disallowing interest expenditure of Rs. 3,25,25,750 for the assessment year 1997-98. It was found that the borrowed funds were not utilized for the assessee's business purposes but were diverted to a sister concern. The Tribunal concluded that the interest-free loan to the sister concern was not for the business objectives of the assessee, leading to the rejection of the appeal on the disallowance of interest expenditure. Case-Laws Income Tax Tue, 28 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118472