https://www.taxtmi.com/caselaws?id=234512 The Court upheld the Tribunal's decision to disallow the interest payment, emphasizing the lack of nexus between the borrowed funds and advances to Directors. Despite the assessee's argument that the borrowed funds were used for business purposes, specifically purchasing goods, the Court found insufficient evidence to support this claim. Without concrete evidence of borrowed funds being used exclusively for business, the interest deduction was not allowed, and the appeal was dismissed. en-us Tue, 04 Jun 2013 00:00:00 +0530 Wed, 11 Mar 2026 14:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234512 The Court upheld the Tribunal's decision to disallow the interest payment, emphasizing the lack of nexus between the borrowed funds and advances to Directors. Despite the assessee's argument that the borrowed funds were used for business purposes, specifically purchasing goods, the Court found insufficient evidence to support this claim. Without concrete evidence of borrowed funds being used exclusively for business, the interest deduction was not allowed, and the appeal was dismissed. Case-Laws Income Tax Tue, 04 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234512