https://www.taxtmi.com/caselaws?id=281251 The court upheld the allowance of the deduction disallowed under section 36(1)(iii) based on commercial expediency and the availability of funds with the assessee-firm. Relying on the Munjal Sales Corporation case, the court found no need for interference as the profits of the assessee-firm covered the loans given to a sister concern, indicating the loans were from the assessee's own funds. The appeal by the appellant-Revenue was dismissed, emphasizing the nexus between the expenditure and the business purpose. en-us Fri, 31 Aug 2012 00:00:00 +0530 Mon, 10 Jun 2019 17:42:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281251 The court upheld the allowance of the deduction disallowed under section 36(1)(iii) based on commercial expediency and the availability of funds with the assessee-firm. Relying on the Munjal Sales Corporation case, the court found no need for interference as the profits of the assessee-firm covered the loans given to a sister concern, indicating the loans were from the assessee's own funds. The appeal by the appellant-Revenue was dismissed, emphasizing the nexus between the expenditure and the business purpose. Case-Laws Income Tax Fri, 31 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281251