https://www.taxtmi.com/caselaws?id=287127 The Tribunal ruled in favor of the assessee, deleting the disallowance of interest payments on borrowed funds for non-business purposes due to lack of evidence of diversion of interest-bearing funds. The issue of undervaluation of stock was dismissed as it was not pursued by the assessee. The appeal was partly allowed on the disallowance of interest payments but dismissed on the undervaluation of stock. en-us Tue, 28 Feb 2017 00:00:00 +0530 Tue, 31 Mar 2020 12:11:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287127 The Tribunal ruled in favor of the assessee, deleting the disallowance of interest payments on borrowed funds for non-business purposes due to lack of evidence of diversion of interest-bearing funds. The issue of undervaluation of stock was dismissed as it was not pursued by the assessee. The appeal was partly allowed on the disallowance of interest payments but dismissed on the undervaluation of stock. Case-Laws Income Tax Tue, 28 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287127