https://www.taxtmi.com/caselaws?id=262445 Interest on advances for plant and machinery and on an advance to Rakesh Khanna was held not disallowable because the record did not establish a direct nexus between borrowed funds and those advances, and the advances were linked to business acquisition and commercial expediency. The section 40(a)(ia) challenge did not succeed because that ground had not been raised before the first appellate authority and was not shown to arise from the impugned order. An ad hoc disallowance of expenses was sustained where voucher defects were found and the assessee had accepted a restricted addition, leaving only partial relief to the assessee. en-us Fri, 31 Jul 2015 00:00:00 +0530 Tue, 11 Aug 2015 07:41:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262445 Interest on advances for plant and machinery and on an advance to Rakesh Khanna was held not disallowable because the record did not establish a direct nexus between borrowed funds and those advances, and the advances were linked to business acquisition and commercial expediency. The section 40(a)(ia) challenge did not succeed because that ground had not been raised before the first appellate authority and was not shown to arise from the impugned order. An ad hoc disallowance of expenses was sustained where voucher defects were found and the assessee had accepted a restricted addition, leaving only partial relief to the assessee. Case-Laws Income Tax Fri, 31 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262445