https://www.taxtmi.com/caselaws?id=231269 The court ruled in favor of the Revenue, upholding the Assessing Officer's disallowance of interest on loans advanced to subsidiary companies and the disallowance of deductions under Section 80HHC of the Income Tax Act for export business losses. The court found a direct nexus between the borrowed funds and interest-free advances to subsidiaries, supporting the disallowance of interest deductions. Additionally, the court emphasized considering the net result of consolidated export activities for Section 80HHC deductions, leading to the rejection of the deduction claim. The Income Tax Appeal was allowed, reversing the decisions of the Tribunal and the first appellate authority on both issues. en-us Fri, 03 Aug 2012 00:00:00 +0530 Wed, 24 Apr 2013 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=231269 The court ruled in favor of the Revenue, upholding the Assessing Officer's disallowance of interest on loans advanced to subsidiary companies and the disallowance of deductions under Section 80HHC of the Income Tax Act for export business losses. The court found a direct nexus between the borrowed funds and interest-free advances to subsidiaries, supporting the disallowance of interest deductions. Additionally, the court emphasized considering the net result of consolidated export activities for Section 80HHC deductions, leading to the rejection of the deduction claim. The Income Tax Appeal was allowed, reversing the decisions of the Tribunal and the first appellate authority on both issues. Case-Laws Income Tax Fri, 03 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=231269