https://www.taxtmi.com/caselaws?id=411405 Trading loss supported by audited books, bills, vouchers and banking entries cannot be treated as bogus merely on suspicion or market volatility; in the absence of specific defects, suppression of consideration or proof of sham transactions, the loss disallowance was deleted. Interest expenditure linked to alleged diversion of borrowed funds to interest-free advances depends on whether sufficient own and interest-free funds were available; where such funds are sufficient, a presumption arises that the advances came from those funds, but the factual fund position required verification, so the issue was remanded for fresh adjudication. en-us Tue, 10 Aug 2021 00:00:00 +0530 Tue, 24 Aug 2021 08:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411405 Trading loss supported by audited books, bills, vouchers and banking entries cannot be treated as bogus merely on suspicion or market volatility; in the absence of specific defects, suppression of consideration or proof of sham transactions, the loss disallowance was deleted. Interest expenditure linked to alleged diversion of borrowed funds to interest-free advances depends on whether sufficient own and interest-free funds were available; where such funds are sufficient, a presumption arises that the advances came from those funds, but the factual fund position required verification, so the issue was remanded for fresh adjudication. Case-Laws Income Tax Tue, 10 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411405