https://www.taxtmi.com/caselaws?id=184696 The High Court ruled in favor of the assessee in a case involving the disallowance of interest paid on loans to sister concerns and the addition to the value of closing stock based on stock discrepancies. The court found that there was no proven nexus between interest-bearing funds and interest-free loans, and that the stock inflation was for obtaining larger funds from banks rather than reflecting actual excess stock. The appeals were allowed in favor of the assessee on both issues. en-us Wed, 19 Nov 2014 00:00:00 +0530 Mon, 18 Jul 2016 11:08:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184696 The High Court ruled in favor of the assessee in a case involving the disallowance of interest paid on loans to sister concerns and the addition to the value of closing stock based on stock discrepancies. The court found that there was no proven nexus between interest-bearing funds and interest-free loans, and that the stock inflation was for obtaining larger funds from banks rather than reflecting actual excess stock. The appeals were allowed in favor of the assessee on both issues. Case-Laws Income Tax Wed, 19 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184696