https://www.taxtmi.com/caselaws?id=326895 Interest on unsecured loans could not be restricted where the record did not show diversion of borrowed funds for non-business use or any material basis for treating the interest rate as excessive, so the full claim was allowed. Disallowance of car insurance, car depreciation and interest on car loans was deleted because these were fixed business outgoings and no contrary material showed personal use; vehicle running and maintenance disallowance was sustained only to the extent already admitted by the assessee, while telephone expense disallowance was moderated to 10% as the original disallowance was excessive. en-us Tue, 15 Mar 2016 00:00:00 +0530 Wed, 27 Apr 2016 10:26:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326895 Interest on unsecured loans could not be restricted where the record did not show diversion of borrowed funds for non-business use or any material basis for treating the interest rate as excessive, so the full claim was allowed. Disallowance of car insurance, car depreciation and interest on car loans was deleted because these were fixed business outgoings and no contrary material showed personal use; vehicle running and maintenance disallowance was sustained only to the extent already admitted by the assessee, while telephone expense disallowance was moderated to 10% as the original disallowance was excessive. Case-Laws Income Tax Tue, 15 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326895