https://www.taxtmi.com/caselaws?id=179163 The appeal for the assessment year 2004-05 was allowed due to the lack of incriminating material, resulting in the disallowance of interest being deemed invalid. However, for the assessment years 2005-06 and 2006-07, the appeals were dismissed as the disallowance of interest and car hire charges were upheld. The Tribunal found that the borrowed funds were not utilized for business purposes and lacked a connection with the assessee's business activities, leading to the confirmation of the disallowance for those years. en-us Fri, 12 Oct 2012 00:00:00 +0530 Wed, 07 Jun 2017 17:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179163 The appeal for the assessment year 2004-05 was allowed due to the lack of incriminating material, resulting in the disallowance of interest being deemed invalid. However, for the assessment years 2005-06 and 2006-07, the appeals were dismissed as the disallowance of interest and car hire charges were upheld. The Tribunal found that the borrowed funds were not utilized for business purposes and lacked a connection with the assessee's business activities, leading to the confirmation of the disallowance for those years. Case-Laws Income Tax Fri, 12 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179163