https://www.taxtmi.com/caselaws?id=289517 The Tribunal dismissed the appeal concerning the disallowance of interest on borrowed capital under section 36(1)(iii) for AY 2009-10. The appellant failed to demonstrate business expediency or necessity for interest-free loans to M/s Thiruvengadam Investments. The CIT(A)'s decision was upheld, as the appellant could not prove the loans were for business purposes, and the Supreme Court precedent was deemed inapplicable. en-us Mon, 18 Feb 2019 00:00:00 +0530 Thu, 14 Nov 2024 11:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289517 The Tribunal dismissed the appeal concerning the disallowance of interest on borrowed capital under section 36(1)(iii) for AY 2009-10. The appellant failed to demonstrate business expediency or necessity for interest-free loans to M/s Thiruvengadam Investments. The CIT(A)'s decision was upheld, as the appellant could not prove the loans were for business purposes, and the Supreme Court precedent was deemed inapplicable. Case-Laws Income Tax Mon, 18 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289517