https://www.taxtmi.com/caselaws?id=413909 Interest disallowance is not warranted where the assessee has substantial interest-free funds, the sister concern balance is an opening balance that reduced during the year, and no direct nexus is shown between borrowed funds and the alleged interest-free advance. Depreciation on business equipment is allowable where the asset is shown to have been used for business purposes, supported by banking records, and the loss of invoices is explained by destruction in a fire. No Rule 46A(3) breach arises when no fresh evidence is introduced before the appellate authority. en-us Thu, 14 Oct 2021 00:00:00 +0530 Sat, 23 Oct 2021 07:54:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413909 Interest disallowance is not warranted where the assessee has substantial interest-free funds, the sister concern balance is an opening balance that reduced during the year, and no direct nexus is shown between borrowed funds and the alleged interest-free advance. Depreciation on business equipment is allowable where the asset is shown to have been used for business purposes, supported by banking records, and the loss of invoices is explained by destruction in a fire. No Rule 46A(3) breach arises when no fresh evidence is introduced before the appellate authority. Case-Laws Income Tax Thu, 14 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413909