https://www.taxtmi.com/caselaws?id=388886 Borrowed funds diverted as interest-free advances to a relative for non-business use were found to lack a business nexus, so the interest expenditure claim was not allowable. The record also supported the addition relating to credit card-related payments, because the assessee had transferred the outgo and liability to capital account rather than routing it through the profit and loss account, and that treatment did not justify exclusion from taxable computation. On both issues, the assessment adjustments sustained by the first appellate authority remained undisturbed. en-us Thu, 07 Nov 2019 00:00:00 +0530 Tue, 26 Nov 2019 10:15:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388886 Borrowed funds diverted as interest-free advances to a relative for non-business use were found to lack a business nexus, so the interest expenditure claim was not allowable. The record also supported the addition relating to credit card-related payments, because the assessee had transferred the outgo and liability to capital account rather than routing it through the profit and loss account, and that treatment did not justify exclusion from taxable computation. On both issues, the assessment adjustments sustained by the first appellate authority remained undisturbed. Case-Laws Income Tax Thu, 07 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388886