https://www.taxtmi.com/caselaws?id=325499 The High Court allowed the appeals in favor of the assessee concerning the disallowance of interest on loans advanced to sister concerns and the disallowance of notional interest on outstanding amounts. The Court found no basis for the diversion of funds for non-business purposes and emphasized the importance of considering all relevant financial aspects before making disallowances. The Court concluded that the Authorities failed to establish non-business purposes for the loans and lacked substantial evidence to support the disallowances, leading to a judgment in favor of the appellant. en-us Tue, 09 Feb 2016 00:00:00 +0530 Mon, 21 Mar 2016 01:06:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325499 The High Court allowed the appeals in favor of the assessee concerning the disallowance of interest on loans advanced to sister concerns and the disallowance of notional interest on outstanding amounts. The Court found no basis for the diversion of funds for non-business purposes and emphasized the importance of considering all relevant financial aspects before making disallowances. The Court concluded that the Authorities failed to establish non-business purposes for the loans and lacked substantial evidence to support the disallowances, leading to a judgment in favor of the appellant. Case-Laws Income Tax Tue, 09 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325499