https://www.taxtmi.com/caselaws?id=294120 The Tribunal upheld the disallowance of 50% of the interest claimed on working capital loan due to lack of evidence proving it was wholly for business purposes. Similarly, 50% of bank charges were disallowed for the same reason. The Tribunal emphasized the need to prove expenses were exclusively for business to claim deductions under the Income Tax Act, dismissing revenue's appeals and allowing assessee's Cross Objections for statistical purposes. en-us Tue, 12 May 2020 00:00:00 +0530 Mon, 22 Mar 2021 09:15:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294120 The Tribunal upheld the disallowance of 50% of the interest claimed on working capital loan due to lack of evidence proving it was wholly for business purposes. Similarly, 50% of bank charges were disallowed for the same reason. The Tribunal emphasized the need to prove expenses were exclusively for business to claim deductions under the Income Tax Act, dismissing revenue's appeals and allowing assessee's Cross Objections for statistical purposes. Case-Laws Income Tax Tue, 12 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294120