https://www.taxtmi.com/caselaws?id=251976 The High Court held that interest on borrowed funds advanced to a sister concern cannot be automatically claimed as a deduction. The Court found that disputes and arbitration involving the sister concern were not valid justifications for not paying interest on borrowed funds. Therefore, the High Court ruled in favor of the Revenue, setting aside the Tribunal's decision and restoring the earlier orders of the Assessing Authority and the Appellate Commissioner. en-us Mon, 18 Aug 2014 00:00:00 +0530 Tue, 07 Oct 2014 07:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251976 The High Court held that interest on borrowed funds advanced to a sister concern cannot be automatically claimed as a deduction. The Court found that disputes and arbitration involving the sister concern were not valid justifications for not paying interest on borrowed funds. Therefore, the High Court ruled in favor of the Revenue, setting aside the Tribunal's decision and restoring the earlier orders of the Assessing Authority and the Appellate Commissioner. Case-Laws Income Tax Mon, 18 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251976