https://www.taxtmi.com/caselaws?id=222066 The Tribunal upheld the disallowance of interest expenditure claimed in the Profit & Loss Account for the AY 2009-10, amounting to Rs.3,03,30,262. The assessee failed to demonstrate that the borrowed funds were utilized for business purposes, as there was no clear link between the borrowed funds and business activities. Despite citing cases supporting continuous business operation during temporary inactivity, the Tribunal found the assessee's explanation lacking evidence of fund utilization for business, leading to the dismissal of the appeal. en-us Fri, 15 Feb 2013 00:00:00 +0530 Fri, 22 Mar 2013 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=222066 The Tribunal upheld the disallowance of interest expenditure claimed in the Profit & Loss Account for the AY 2009-10, amounting to Rs.3,03,30,262. The assessee failed to demonstrate that the borrowed funds were utilized for business purposes, as there was no clear link between the borrowed funds and business activities. Despite citing cases supporting continuous business operation during temporary inactivity, the Tribunal found the assessee's explanation lacking evidence of fund utilization for business, leading to the dismissal of the appeal. Case-Laws Income Tax Fri, 15 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=222066