https://www.taxtmi.com/caselaws?id=237314 The Court ruled in favor of the assessee regarding the disallowance of interest to the sister concern, finding that the assessee had sufficient funds other than borrowed money for the transaction. Consequently, the assessee was entitled to a full allowance of the interest paid on borrowed capital. However, the Court sided with the department regarding the treatment of interest income in the distillery, fertilizer, and biogas units, categorizing it as income from other sources rather than income from business. The Income Tax Appeal was disposed of accordingly. en-us Wed, 04 Sep 2013 00:00:00 +0530 Wed, 25 Sep 2013 07:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237314 The Court ruled in favor of the assessee regarding the disallowance of interest to the sister concern, finding that the assessee had sufficient funds other than borrowed money for the transaction. Consequently, the assessee was entitled to a full allowance of the interest paid on borrowed capital. However, the Court sided with the department regarding the treatment of interest income in the distillery, fertilizer, and biogas units, categorizing it as income from other sources rather than income from business. The Income Tax Appeal was disposed of accordingly. Case-Laws Income Tax Wed, 04 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237314