https://www.taxtmi.com/caselaws?id=358340 The tribunal allowed the appeal of the assessee, overturning the disallowance of proportionate interest on an interest-free loan and expenses on an adhoc basis. It found that no loan or advance was given in the relevant assessment year and that the authorities failed to establish a nexus between borrowed funds and the advance. The tribunal emphasized the importance of specific findings to support disallowances and the need for a factual and legally sound basis for such decisions. en-us Fri, 06 Apr 2018 00:00:00 +0530 Tue, 10 Apr 2018 08:26:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358340 The tribunal allowed the appeal of the assessee, overturning the disallowance of proportionate interest on an interest-free loan and expenses on an adhoc basis. It found that no loan or advance was given in the relevant assessment year and that the authorities failed to establish a nexus between borrowed funds and the advance. The tribunal emphasized the importance of specific findings to support disallowances and the need for a factual and legally sound basis for such decisions. Case-Laws Income Tax Fri, 06 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358340