https://www.taxtmi.com/caselaws?id=185692 The Tribunal dismissed the appeal filed by the assessee-company, upholding the addition of Rs. 7,11,029 for hire-purchase charges and Rs. 7,03,546 for bank interest and bill discounting charges. The Tribunal agreed with the Assessing Officer and CIT(A) that the borrowed amounts were not utilized for business purposes, leading to the disallowance of deductions under the Income-tax Act. The Tribunal found no error in the lower authorities' decisions and confirmed the additions in their entirety. en-us Tue, 09 Apr 2002 00:00:00 +0530 Tue, 23 Aug 2016 17:19:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185692 The Tribunal dismissed the appeal filed by the assessee-company, upholding the addition of Rs. 7,11,029 for hire-purchase charges and Rs. 7,03,546 for bank interest and bill discounting charges. The Tribunal agreed with the Assessing Officer and CIT(A) that the borrowed amounts were not utilized for business purposes, leading to the disallowance of deductions under the Income-tax Act. The Tribunal found no error in the lower authorities' decisions and confirmed the additions in their entirety. Case-Laws Income Tax Tue, 09 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185692