https://www.taxtmi.com/caselaws?id=24028 The High Court of Bombay upheld the disallowance of interest paid by an assessee firm during the accounting period for the assessment year 1971-72. Despite the Tribunal accepting the assessee's claim, the High Court ruled in favor of the Revenue, justifying the disallowance based on the specific circumstances of the case. The Court emphasized the purpose of the borrowed funds for the assessee's business and the change in the situation regarding loans advanced to sister concerns, leading to the decision against the assessee. en-us Wed, 06 Sep 1989 00:00:00 +0530 Sat, 16 Jan 2010 10:56:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24028 The High Court of Bombay upheld the disallowance of interest paid by an assessee firm during the accounting period for the assessment year 1971-72. Despite the Tribunal accepting the assessee's claim, the High Court ruled in favor of the Revenue, justifying the disallowance based on the specific circumstances of the case. The Court emphasized the purpose of the borrowed funds for the assessee's business and the change in the situation regarding loans advanced to sister concerns, leading to the decision against the assessee. Case-Laws Income Tax Wed, 06 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24028