https://www.taxtmi.com/caselaws?id=12944 An assessee claiming that interest-free advances to a sister concern were made from own funds must produce bank records and cash-flow material to establish the source; failure to do so leaves the nexus with borrowed funds unproved and justifies disallowance of the related interest expenditure. Interest under section 234B was also held to be mandatory in nature, so the levy could not be deleted on the material before the Court. The Tribunal's contrary view on both issues was found unsustainable, and the questions of law were answered in favour of the Revenue. en-us Fri, 21 Dec 2001 00:00:00 +0530 Wed, 01 Oct 2025 22:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12944 An assessee claiming that interest-free advances to a sister concern were made from own funds must produce bank records and cash-flow material to establish the source; failure to do so leaves the nexus with borrowed funds unproved and justifies disallowance of the related interest expenditure. Interest under section 234B was also held to be mandatory in nature, so the levy could not be deleted on the material before the Court. The Tribunal's contrary view on both issues was found unsustainable, and the questions of law were answered in favour of the Revenue. Case-Laws Income Tax Fri, 21 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12944