https://www.taxtmi.com/caselaws?id=179107 The court upheld the disallowance of deductions for both hire-purchase charges and bank interest/bill discounting charges as the assessee failed to prove the business use of funds. The burden of proof was on the assessee to demonstrate that the borrowed funds were used for business purposes, which was not satisfactorily established in this case. The court emphasized the need for a direct nexus between borrowed funds and business use, ultimately leading to the dismissal of the appeal. en-us Thu, 09 Apr 2009 00:00:00 +0530 Sat, 20 Feb 2016 11:42:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179107 The court upheld the disallowance of deductions for both hire-purchase charges and bank interest/bill discounting charges as the assessee failed to prove the business use of funds. The burden of proof was on the assessee to demonstrate that the borrowed funds were used for business purposes, which was not satisfactorily established in this case. The court emphasized the need for a direct nexus between borrowed funds and business use, ultimately leading to the dismissal of the appeal. Case-Laws Income Tax Thu, 09 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179107