https://www.taxtmi.com/caselaws?id=430036 The Tribunal partially allowed the appeal, dismissing the disallowance of interest expenditure on diverted funds but allowing the disallowance of repairs & maintenance expenditure as capital expenditure. The decision was based on a thorough analysis of the facts, legal provisions, and precedents cited by both parties. The Tribunal found that the diverted funds were interest-bearing borrowed funds without evidence of business exigencies justifying the diversion. However, it concluded that the repairs did not result in the creation of any capital asset, warranting the disallowance as capital expenditure. en-us Fri, 07 Oct 2022 00:00:00 +0530 Thu, 10 Nov 2022 09:06:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430036 The Tribunal partially allowed the appeal, dismissing the disallowance of interest expenditure on diverted funds but allowing the disallowance of repairs & maintenance expenditure as capital expenditure. The decision was based on a thorough analysis of the facts, legal provisions, and precedents cited by both parties. The Tribunal found that the diverted funds were interest-bearing borrowed funds without evidence of business exigencies justifying the diversion. However, it concluded that the repairs did not result in the creation of any capital asset, warranting the disallowance as capital expenditure. Case-Laws Income Tax Fri, 07 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430036