https://www.taxtmi.com/caselaws?id=183362 The ITAT PANAJI upheld the decisions of the Commissioner of Income Tax (Appeals) in a case involving disallowance of finance charges/interest on borrowed funds and disallowance of interest income on interest-free loans advanced to sister concerns. The ITAT confirmed the Commissioner's findings, emphasizing the lack of evidence from the Revenue to support the disallowances and the principle of taxing only real income earned by the assessee. The appeal of the Revenue was dismissed, and the judgments were delivered in 2015. en-us Mon, 27 Jul 2015 00:00:00 +0530 Tue, 07 Jun 2016 11:02:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183362 The ITAT PANAJI upheld the decisions of the Commissioner of Income Tax (Appeals) in a case involving disallowance of finance charges/interest on borrowed funds and disallowance of interest income on interest-free loans advanced to sister concerns. The ITAT confirmed the Commissioner's findings, emphasizing the lack of evidence from the Revenue to support the disallowances and the principle of taxing only real income earned by the assessee. The appeal of the Revenue was dismissed, and the judgments were delivered in 2015. Case-Laws Income Tax Mon, 27 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183362