https://www.taxtmi.com/caselaws?id=55949 The Tribunal allowed the assessee's appeal regarding the disallowance of interest paid on a cash credit account with Bank of Baroda. The Tribunal found no direct correlation between the borrowed funds and advances to a sister concern, emphasizing that as long as borrowed capital is for business purposes, the specific application is immaterial. Consequently, the sustained disallowance was canceled, and the full interest amount was allowed as a deduction under section 36(1)(iii). en-us Wed, 30 May 1990 00:00:00 +0530 Tue, 30 Nov 2010 17:45:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55949 The Tribunal allowed the assessee's appeal regarding the disallowance of interest paid on a cash credit account with Bank of Baroda. The Tribunal found no direct correlation between the borrowed funds and advances to a sister concern, emphasizing that as long as borrowed capital is for business purposes, the specific application is immaterial. Consequently, the sustained disallowance was canceled, and the full interest amount was allowed as a deduction under section 36(1)(iii). Case-Laws Income Tax Wed, 30 May 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55949