https://www.taxtmi.com/caselaws?id=192010 The Appellate Tribunal upheld the CIT(A)'s decision to delete the addition of interest payable on borrowings diverted for non-business purposes to a sister-concern for the assessment year 2001-02. The Tribunal emphasized the lack of nexus between the borrowed funds and interest-free advances, rejecting the Department's appeal and highlighting the importance of establishing a clear connection between borrowed funds and their utilization to justify disallowances based on diverted funds for non-business purposes. en-us Thu, 25 Jan 2007 00:00:00 +0530 Tue, 09 May 2017 15:18:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192010 The Appellate Tribunal upheld the CIT(A)'s decision to delete the addition of interest payable on borrowings diverted for non-business purposes to a sister-concern for the assessment year 2001-02. The Tribunal emphasized the lack of nexus between the borrowed funds and interest-free advances, rejecting the Department's appeal and highlighting the importance of establishing a clear connection between borrowed funds and their utilization to justify disallowances based on diverted funds for non-business purposes. Case-Laws Income Tax Thu, 25 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192010