https://www.taxtmi.com/caselaws?id=256155 The Tribunal allowed the assessee's appeals, directing the AO to verify loan details and provide consequential relief on interest levy. The disallowance of interest made by the AO was deleted for both assessment years after confirming borrowed funds were not used for loans to the employees' welfare trust. The Revenue's appeal for relief amount was dismissed due to insufficient tax effect. en-us Wed, 31 Dec 2014 00:00:00 +0530 Thu, 05 Feb 2015 05:55:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256155 The Tribunal allowed the assessee's appeals, directing the AO to verify loan details and provide consequential relief on interest levy. The disallowance of interest made by the AO was deleted for both assessment years after confirming borrowed funds were not used for loans to the employees' welfare trust. The Revenue's appeal for relief amount was dismissed due to insufficient tax effect. Case-Laws Income Tax Wed, 31 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256155