https://www.taxtmi.com/caselaws?id=178466 The Tribunal upheld the disallowance of interest on advances made to M/s Devbhumi Spinning & Weaving Mills due to lack of evidence for the business purpose. For advances to M/s Balwindra Tools Pvt Ltd, the Tribunal remitted the issue back to the AO for further examination. Regarding the disallowance of expenses under Section 14A, the Tribunal confirmed the disallowance of Rs. 24,71,119, citing the applicability of Rule 8D and the commingling of funds. The assessee's appeal was dismissed, and the revenue's appeal was partly allowed. en-us Fri, 28 Dec 2012 00:00:00 +0530 Tue, 20 Sep 2022 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178466 The Tribunal upheld the disallowance of interest on advances made to M/s Devbhumi Spinning & Weaving Mills due to lack of evidence for the business purpose. For advances to M/s Balwindra Tools Pvt Ltd, the Tribunal remitted the issue back to the AO for further examination. Regarding the disallowance of expenses under Section 14A, the Tribunal confirmed the disallowance of Rs. 24,71,119, citing the applicability of Rule 8D and the commingling of funds. The assessee's appeal was dismissed, and the revenue's appeal was partly allowed. Case-Laws Income Tax Fri, 28 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178466