https://www.taxtmi.com/caselaws?id=284284 Interest on borrowed funds was disallowed where the assessee advanced the money interest-free for non-business purposes and produced no documentary evidence of business use; the disallowance was upheld. Amounts linked to credit card facilities and related liabilities were transferred to the capital account rather than the profit and loss account, and on the material before it the addition was found justified; the addition was upheld. The appeal failed on both issues and the assessment additions were sustained. en-us Mon, 07 Jan 2019 00:00:00 +0530 Sun, 10 Nov 2019 15:17:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284284 Interest on borrowed funds was disallowed where the assessee advanced the money interest-free for non-business purposes and produced no documentary evidence of business use; the disallowance was upheld. Amounts linked to credit card facilities and related liabilities were transferred to the capital account rather than the profit and loss account, and on the material before it the addition was found justified; the addition was upheld. The appeal failed on both issues and the assessment additions were sustained. Case-Laws Income Tax Mon, 07 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284284