https://www.taxtmi.com/caselaws?id=800719 Interest disallowance requires an established nexus between borrowed funds and an advance. Where own funds substantially exceed the advance and the borrowings arise later, utilisation of borrowed funds for that advance cannot be presumed; the presumption favours use of own funds. Share-premium credits require investor-wise proof of identity, creditworthiness and genuineness under the applicable post-amendment framework, including consideration of the source of source requirement. Alternative Investment Fund status alone does not establish each investor's financial capacity or the genuineness of an investment. Verification should cover financial capacity, bank records, tax returns and supporting financial documents. en-us Fri, 25 Sep 2026 00:00:00 +0530 Sat, 10 Oct 2026 10:27:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800719 Interest disallowance requires an established nexus between borrowed funds and an advance. Where own funds substantially exceed the advance and the borrowings arise later, utilisation of borrowed funds for that advance cannot be presumed; the presumption favours use of own funds. Share-premium credits require investor-wise proof of identity, creditworthiness and genuineness under the applicable post-amendment framework, including consideration of the source of source requirement. Alternative Investment Fund status alone does not establish each investor's financial capacity or the genuineness of an investment. Verification should cover financial capacity, bank records, tax returns and supporting financial documents. Case-Laws Income Tax Fri, 25 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800719