https://www.taxtmi.com/caselaws?id=256767 The High Court ruled in favor of the Revenue in an appeal against the Income Tax Appellate Tribunal's decision to delete additions related to closing stock and interest-free loans. The Court overturned the Tribunal's decision, emphasizing the need to establish a nexus between borrowed funds and the diversion as interest-free loans. The Commissioner of Income Tax (Appeals) order was reinstated, directing a re-examination by the Assessing Officer. en-us Fri, 30 Jan 2015 00:00:00 +0530 Fri, 20 Feb 2015 10:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256767 The High Court ruled in favor of the Revenue in an appeal against the Income Tax Appellate Tribunal's decision to delete additions related to closing stock and interest-free loans. The Court overturned the Tribunal's decision, emphasizing the need to establish a nexus between borrowed funds and the diversion as interest-free loans. The Commissioner of Income Tax (Appeals) order was reinstated, directing a re-examination by the Assessing Officer. Case-Laws Income Tax Fri, 30 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256767