https://www.taxtmi.com/caselaws?id=331220 The Tribunal upheld the disallowance of Rs. 81,95,426/- by the Assessing Officer, rejecting the assessee's claims under sections 57(iii) and 36(1)(iii) of the Act. The Tribunal found that the borrowed funds were diverted for non-business purposes, specifically noting that the transaction with a shareholder was a facade to cover interest-free loans. The appeal was dismissed, emphasizing that the borrowings were not made for business purposes and confirming the lower authorities' findings. en-us Fri, 24 Jun 2016 00:00:00 +0530 Tue, 06 Feb 2018 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331220 The Tribunal upheld the disallowance of Rs. 81,95,426/- by the Assessing Officer, rejecting the assessee's claims under sections 57(iii) and 36(1)(iii) of the Act. The Tribunal found that the borrowed funds were diverted for non-business purposes, specifically noting that the transaction with a shareholder was a facade to cover interest-free loans. The appeal was dismissed, emphasizing that the borrowings were not made for business purposes and confirming the lower authorities' findings. Case-Laws Income Tax Fri, 24 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331220