https://www.taxtmi.com/caselaws?id=337313 The Tribunal upheld the disallowance of interest on a loan from SIDBI, as the shares acquired were not connected to the appellant's business purpose. The interest paid was deemed not allowable under relevant sections of the Income Tax Act. Additionally, the disallowance of an unexplained liability was affirmed due to a variance in outstanding balances and lack of evidence provided by the appellant. The appeal was dismissed, and the order was pronounced on 4th January 2017. en-us Wed, 04 Jan 2017 00:00:00 +0530 Fri, 06 Jan 2017 13:43:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337313 The Tribunal upheld the disallowance of interest on a loan from SIDBI, as the shares acquired were not connected to the appellant's business purpose. The interest paid was deemed not allowable under relevant sections of the Income Tax Act. Additionally, the disallowance of an unexplained liability was affirmed due to a variance in outstanding balances and lack of evidence provided by the appellant. The appeal was dismissed, and the order was pronounced on 4th January 2017. Case-Laws Income Tax Wed, 04 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337313