https://www.taxtmi.com/caselaws?id=262849 The High Court affirmed the Tribunal's decision to disallow the interest deduction claimed by the partnership firm engaged in real estate business. The advances made to individuals without interest from interest-bearing funds were deemed non-business related, lacking evidence to support their purpose. The Court dismissed the appeals, ruling in favor of the revenue, emphasizing the failure to establish the business nature of the advances, ultimately upholding the disallowance of interest deduction. en-us Tue, 02 Dec 2014 00:00:00 +0530 Fri, 21 Aug 2015 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262849 The High Court affirmed the Tribunal's decision to disallow the interest deduction claimed by the partnership firm engaged in real estate business. The advances made to individuals without interest from interest-bearing funds were deemed non-business related, lacking evidence to support their purpose. The Court dismissed the appeals, ruling in favor of the revenue, emphasizing the failure to establish the business nature of the advances, ultimately upholding the disallowance of interest deduction. Case-Laws Income Tax Tue, 02 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262849