https://www.taxtmi.com/caselaws?id=191960 The appeal challenged the CIT(A), Panchkula's order under the I.T. Act, 1961 for the assessment year 2007-08 regarding the disallowance of interest paid on loans. The court held that the investment in a plot for a factory justified the interest paid, advances to a parental firm and withdrawals by the assessee were not subject to disallowance, but lack of evidence on commercial expediency for certain advances upheld the disallowance. The appeal was partly allowed, and the interest disallowance was reduced for specific advances. en-us Tue, 21 Jun 2011 00:00:00 +0530 Fri, 05 May 2017 15:55:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191960 The appeal challenged the CIT(A), Panchkula's order under the I.T. Act, 1961 for the assessment year 2007-08 regarding the disallowance of interest paid on loans. The court held that the investment in a plot for a factory justified the interest paid, advances to a parental firm and withdrawals by the assessee were not subject to disallowance, but lack of evidence on commercial expediency for certain advances upheld the disallowance. The appeal was partly allowed, and the interest disallowance was reduced for specific advances. Case-Laws Income Tax Tue, 21 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191960