https://www.taxtmi.com/caselaws?id=297629 The Tribunal ruled in favor of the assessee, holding that the disallowance of interest on loans/advances to directors was not justified. It found that the assessee's own funds were sufficient to cover the loans to directors, citing a Bombay High Court judgment to support its decision. The Tribunal concluded that when interest-free funds are available and adequate to meet investments, it can be presumed that such investments were made from those funds. Therefore, the Tribunal allowed the appeal and deleted the addition made by the Assessing Officer. en-us Fri, 16 Sep 2016 00:00:00 +0530 Wed, 15 Sep 2021 08:59:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297629 The Tribunal ruled in favor of the assessee, holding that the disallowance of interest on loans/advances to directors was not justified. It found that the assessee's own funds were sufficient to cover the loans to directors, citing a Bombay High Court judgment to support its decision. The Tribunal concluded that when interest-free funds are available and adequate to meet investments, it can be presumed that such investments were made from those funds. Therefore, the Tribunal allowed the appeal and deleted the addition made by the Assessing Officer. Case-Laws Income Tax Fri, 16 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297629