https://www.taxtmi.com/highlights?id=74107 Disallowance of interest on inter-corporate deposits - The observation of Ld. AO that there was increase in borrowed funds during AY 2003-04 has no relevance since the ICDs were placed by the assessee during financial year 1999- 2000 and it was impossible to make investment in 1999-2000 out of funds borrowed in subsequent years. Further, the nexus of borrowed funds with the ICDs have not been established by Ld. AO. - AT en-us Thu, 11 Jan 2024 18:30:42 +0530 Thu, 11 Jan 2024 18:30:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74107 Disallowance of interest on inter-corporate deposits - The observation of Ld. AO that there was increase in borrowed funds during AY 2003-04 has no relevance since the ICDs were placed by the assessee during financial year 1999- 2000 and it was impossible to make investment in 1999-2000 out of funds borrowed in subsequent years. Further, the nexus of borrowed funds with the ICDs have not been established by Ld. AO. - AT Highlights Income Tax Thu, 11 Jan 2024 18:30:42 +0530 https://www.taxtmi.com/highlights?id=74107