https://www.taxtmi.com/caselaws?id=347553 Business loss claims were disallowed where there was no genuine business activity, the sale and purchase entries were found not bona fide, and the expenses were not shown to be wholly and exclusively for business; the project-related outgoings were also treated as capital in nature, so the disallowance was sustained. Interest on a loan advanced to a director was not finally allowed because the actual use of the borrowed funds required factual verification; as the additional material had not been examined by the lower authorities, the matter was remitted for fresh decision. The assessee therefore obtained only partial relief. en-us Tue, 29 Aug 2017 00:00:00 +0530 Wed, 06 Sep 2017 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347553 Business loss claims were disallowed where there was no genuine business activity, the sale and purchase entries were found not bona fide, and the expenses were not shown to be wholly and exclusively for business; the project-related outgoings were also treated as capital in nature, so the disallowance was sustained. Interest on a loan advanced to a director was not finally allowed because the actual use of the borrowed funds required factual verification; as the additional material had not been examined by the lower authorities, the matter was remitted for fresh decision. The assessee therefore obtained only partial relief. Case-Laws Income Tax Tue, 29 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347553