https://www.taxtmi.com/caselaws?id=186750 The appeal was allowed as the Tribunal held that no disallowance of interest can be made if interest-free loans are used for business purposes, following the precedent set in S.A. Builders vs. CIT. Additionally, the Tribunal allowed the deduction for foreign exchange loss on a loan given to the Singapore company, citing the judgment in CIT v. Woodward Governor India (P) Ltd. Consequently, the additions of both disallowance of interest on loans and foreign exchange loss were deleted. en-us Wed, 29 Aug 2012 00:00:00 +0530 Thu, 29 Sep 2016 11:08:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186750 The appeal was allowed as the Tribunal held that no disallowance of interest can be made if interest-free loans are used for business purposes, following the precedent set in S.A. Builders vs. CIT. Additionally, the Tribunal allowed the deduction for foreign exchange loss on a loan given to the Singapore company, citing the judgment in CIT v. Woodward Governor India (P) Ltd. Consequently, the additions of both disallowance of interest on loans and foreign exchange loss were deleted. Case-Laws Income Tax Wed, 29 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186750