https://www.taxtmi.com/caselaws?id=186179 The Tribunal upheld the disallowance of interest expenditure incurred by the appellant on capital borrowed for business purposes, despite the appellant's argument that the funds were not used for interest-free loans to subsidiaries. The Commissioner's intervention led to the disallowance, with subsequent appeals proving unsuccessful. The appellant's contention of lack of evidence for interest-free loans was dismissed by the Tribunal, prompting a remand for a fresh hearing to consider all materials and legal arguments presented. The appeal was disposed of with directions for the Tribunal to rehear the matter comprehensively. en-us Wed, 20 May 2009 00:00:00 +0530 Fri, 09 Sep 2016 12:58:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186179 The Tribunal upheld the disallowance of interest expenditure incurred by the appellant on capital borrowed for business purposes, despite the appellant's argument that the funds were not used for interest-free loans to subsidiaries. The Commissioner's intervention led to the disallowance, with subsequent appeals proving unsuccessful. The appellant's contention of lack of evidence for interest-free loans was dismissed by the Tribunal, prompting a remand for a fresh hearing to consider all materials and legal arguments presented. The appeal was disposed of with directions for the Tribunal to rehear the matter comprehensively. Case-Laws Income Tax Wed, 20 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186179