https://www.taxtmi.com/caselaws?id=179162 The appeal for the assessment year 2004-2005 was allowed, while the appeals for 2005-06 and 2006-07 were dismissed. The disallowance of interest on borrowed funds not utilized for business purposes was upheld by the Tribunal, emphasizing the lack of business nexus in the investment. The judgment was pronounced on 22nd August 2012 by the ITAT Mumbai. en-us Wed, 22 Aug 2012 00:00:00 +0530 Tue, 06 Jun 2017 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179162 The appeal for the assessment year 2004-2005 was allowed, while the appeals for 2005-06 and 2006-07 were dismissed. The disallowance of interest on borrowed funds not utilized for business purposes was upheld by the Tribunal, emphasizing the lack of business nexus in the investment. The judgment was pronounced on 22nd August 2012 by the ITAT Mumbai. Case-Laws Income Tax Wed, 22 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179162