https://www.taxtmi.com/caselaws?id=31396 The High Court upheld the Tribunal's decision to disallow interest on funds diverted for purchasing agricultural land, considering it a business expenditure. The appeal was dismissed with no order as to costs. The court found that there was an overdraft used for the land purchase and insufficient evidence of available capital and reserves, justifying the disallowance of interest. Legal precedents cited were deemed irrelevant to the specific issues in this case. en-us Wed, 29 Aug 2007 00:00:00 +0530 Wed, 12 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31396 The High Court upheld the Tribunal's decision to disallow interest on funds diverted for purchasing agricultural land, considering it a business expenditure. The appeal was dismissed with no order as to costs. The court found that there was an overdraft used for the land purchase and insufficient evidence of available capital and reserves, justifying the disallowance of interest. Legal precedents cited were deemed irrelevant to the specific issues in this case. Case-Laws Income Tax Wed, 29 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31396