https://www.taxtmi.com/caselaws?id=175203 The Tribunal dismissed the appeal, upholding the disallowance of interest on interest-free advances made by the assessee to certain concerns. The Tribunal found that the assessee failed to prove that the advances were for business purposes or commercial expediency, as no evidence was provided to support this claim. The disallowance of interest was deemed justified due to the lack of substantiation regarding the purpose of the advances and their prolonged outstanding status. The Tribunal concluded that the case laws cited by the assessee did not apply to the situation, leading to the affirmation of the CIT(A)'s order. en-us Mon, 14 Dec 2009 00:00:00 +0530 Sat, 14 Nov 2015 10:31:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175203 The Tribunal dismissed the appeal, upholding the disallowance of interest on interest-free advances made by the assessee to certain concerns. The Tribunal found that the assessee failed to prove that the advances were for business purposes or commercial expediency, as no evidence was provided to support this claim. The disallowance of interest was deemed justified due to the lack of substantiation regarding the purpose of the advances and their prolonged outstanding status. The Tribunal concluded that the case laws cited by the assessee did not apply to the situation, leading to the affirmation of the CIT(A)'s order. Case-Laws Income Tax Mon, 14 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175203