https://www.taxtmi.com/caselaws?id=221246 The High Court upheld the assessing officer's decision to disallow interest on borrowed funds for the assessment years in question. It emphasized that borrowed funds should be used solely for business purposes, and personal use by directors and their relatives without repayment efforts justified the disallowance of interest. The Court set aside the ITAT's orders and allowed the appeals filed by the department. en-us Wed, 20 Feb 2013 00:00:00 +0530 Fri, 28 Jun 2013 15:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221246 The High Court upheld the assessing officer's decision to disallow interest on borrowed funds for the assessment years in question. It emphasized that borrowed funds should be used solely for business purposes, and personal use by directors and their relatives without repayment efforts justified the disallowance of interest. The Court set aside the ITAT's orders and allowed the appeals filed by the department. Case-Laws Income Tax Wed, 20 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221246