https://www.taxtmi.com/caselaws?id=243075 The Revenue's appeal was partly allowed for statistical purposes. The issue of depreciation on the car was set aside for re-adjudication by the AO, while the disallowance of interest was dismissed. The Tribunal emphasized the need for the AO to consider all facts and circumstances in determining the necessity and usage of the car for business purposes and found no nexus between interest-bearing funds and interest-free advances. en-us Fri, 26 Jul 2013 00:00:00 +0530 Sat, 25 Jan 2014 19:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243075 The Revenue's appeal was partly allowed for statistical purposes. The issue of depreciation on the car was set aside for re-adjudication by the AO, while the disallowance of interest was dismissed. The Tribunal emphasized the need for the AO to consider all facts and circumstances in determining the necessity and usage of the car for business purposes and found no nexus between interest-bearing funds and interest-free advances. Case-Laws Income Tax Fri, 26 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243075