Assessee Company Fails to Prove Borrowings Were for Business, Affecting Interest Expenditure Allowability.

Assessee Company Fails to Prove Borrowings Were for Business, Affecting Interest Expenditure Allowability. https://www.taxtmi.com/highlights?id=30817 Allowability of interest expenditure - The assessee-company had failed to controvert the suspicion entertained by the AO with evidence. Therefore, assessee had failed to discharge the onus of proving that the borrowings were made only for business purpose - AT en-us Wed, 17 Aug 2016 09:26:21 +0530 Wed, 17 Aug 2016 09:26:21 +0530 TaxTMI RSS Generator Assessee Company Fails to Prove Borrowings Were for Business, Affecting Interest Expenditure Allowability. https://www.taxtmi.com/highlights?id=30817 Allowability of interest expenditure - The assessee-company had failed to controvert the suspicion entertained by the AO with evidence. Therefore, assessee had failed to discharge the onus of proving that the borrowings were made only for business purpose - AT Highlights Income Tax Wed, 17 Aug 2016 09:26:21 +0530 https://www.taxtmi.com/highlights?id=30817