https://www.taxtmi.com/caselaws?id=210793 The High Court upheld the Commissioner of Income Tax (Appeals) decisions for all years, setting aside the Tribunal's order. The Court emphasized the requirement for substantial evidence to support claims of diversion of funds for non-business purposes, overturning the Tribunal's decision to grant relief without thorough evidence of diversion. The Commissioner's approach of restricting disallowances based on diverted funds was deemed appropriate, especially considering the utilization of old loans without fresh borrowings. en-us Mon, 26 Sep 2011 00:00:00 +0530 Wed, 22 Feb 2012 07:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210793 The High Court upheld the Commissioner of Income Tax (Appeals) decisions for all years, setting aside the Tribunal's order. The Court emphasized the requirement for substantial evidence to support claims of diversion of funds for non-business purposes, overturning the Tribunal's decision to grant relief without thorough evidence of diversion. The Commissioner's approach of restricting disallowances based on diverted funds was deemed appropriate, especially considering the utilization of old loans without fresh borrowings. Case-Laws Income Tax Mon, 26 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210793