https://www.taxtmi.com/caselaws?id=368751 The Tribunal upheld the decisions of the Commissioner of Income Tax (Appeals) in disallowing interest on advances to partners and for diversion of funds to Nigam Developers. The Tribunal emphasized the need to collect interest from partners and prevent distortion of profits, affirming that interest-bearing funds were intentionally diverted for non-business purposes. The judgment underscored the significance of accurately reflecting business transactions to avoid tax evasion. en-us Tue, 31 Jul 2018 00:00:00 +0530 Fri, 12 Oct 2018 18:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368751 The Tribunal upheld the decisions of the Commissioner of Income Tax (Appeals) in disallowing interest on advances to partners and for diversion of funds to Nigam Developers. The Tribunal emphasized the need to collect interest from partners and prevent distortion of profits, affirming that interest-bearing funds were intentionally diverted for non-business purposes. The judgment underscored the significance of accurately reflecting business transactions to avoid tax evasion. Case-Laws Income Tax Tue, 31 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368751