https://www.taxtmi.com/caselaws?id=259395 The High Court allowed the appeal partially, setting aside the Tribunal's decision to disallow interest payment and loss due to currency fluctuation. The Court emphasized that interest paid on borrowed funds advanced to a sister concern for commercial expediency cannot be disallowed. It also stated that the loss on currency fluctuation should be allowed when making the balance sheet. The issues were remanded for fresh consideration in accordance with the law. en-us Fri, 17 Apr 2015 00:00:00 +0530 Sat, 09 May 2015 11:20:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259395 The High Court allowed the appeal partially, setting aside the Tribunal's decision to disallow interest payment and loss due to currency fluctuation. The Court emphasized that interest paid on borrowed funds advanced to a sister concern for commercial expediency cannot be disallowed. It also stated that the loss on currency fluctuation should be allowed when making the balance sheet. The issues were remanded for fresh consideration in accordance with the law. Case-Laws Income Tax Fri, 17 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259395