https://www.taxtmi.com/caselaws?id=219648 The Tribunal partially allowed the appeal, overturning the disallowance of interest expenditure on specific loans by finding no nexus between borrowed funds and interest-free loans. They restricted the disallowance of foreign business travel expenditure to 50% due to insufficient proof, noting the essential nature of such travel. The disallowance of business promotion and tour/travel expenses was upheld as the necessary details and explanations were lacking, affirming the decision of the CIT(A). en-us Wed, 04 Jul 2012 00:00:00 +0530 Tue, 18 Dec 2012 16:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219648 The Tribunal partially allowed the appeal, overturning the disallowance of interest expenditure on specific loans by finding no nexus between borrowed funds and interest-free loans. They restricted the disallowance of foreign business travel expenditure to 50% due to insufficient proof, noting the essential nature of such travel. The disallowance of business promotion and tour/travel expenses was upheld as the necessary details and explanations were lacking, affirming the decision of the CIT(A). Case-Laws Income Tax Wed, 04 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219648