https://www.taxtmi.com/caselaws?id=243960 The tribunal partially allowed the appeal for AY 2004-05, restricting the disallowance of interest to the excess above 15%. However, the appeal for AY 2007-08 was dismissed, upholding the addition of unexplained investment as the funds were used for non-business purposes. The tribunal emphasized the necessity of utilizing borrowed funds for business purposes to claim deductions under the Income Tax Act. en-us Thu, 06 Feb 2014 00:00:00 +0530 Fri, 14 Feb 2014 07:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243960 The tribunal partially allowed the appeal for AY 2004-05, restricting the disallowance of interest to the excess above 15%. However, the appeal for AY 2007-08 was dismissed, upholding the addition of unexplained investment as the funds were used for non-business purposes. The tribunal emphasized the necessity of utilizing borrowed funds for business purposes to claim deductions under the Income Tax Act. Case-Laws Income Tax Thu, 06 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243960