https://www.taxtmi.com/caselaws?id=441090 The Tribunal upheld the decision to disallow a portion of the interest paid as excessive and to capitalize another portion to the cost of shares, thereby rejecting the appeal of the assessee. The Tribunal found that the borrowed funds were not entirely used in the business, specifically for procuring unquoted shares of related companies, leading to the disallowance of the claimed interest expenditure against business income. en-us Thu, 02 Mar 2023 00:00:00 +0530 Wed, 02 Aug 2023 10:12:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441090 The Tribunal upheld the decision to disallow a portion of the interest paid as excessive and to capitalize another portion to the cost of shares, thereby rejecting the appeal of the assessee. The Tribunal found that the borrowed funds were not entirely used in the business, specifically for procuring unquoted shares of related companies, leading to the disallowance of the claimed interest expenditure against business income. Case-Laws Income Tax Thu, 02 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441090