https://www.taxtmi.com/caselaws?id=58309 The tribunal dismissed the appeals challenging the disallowance of interest payments to M/s. P.R. Enterprises and Bombay Mercantile Bank. It emphasized the need for a clear connection between borrowed funds and business use, as well as the requirement for providing adequate details to support deduction claims. The tribunal upheld the disallowances due to the lack of direct nexus between the interest paid and business purposes, as well as the absence of supporting documentation to justify the deductions. en-us Mon, 26 Nov 1990 00:00:00 +0530 Sat, 18 Dec 2010 13:48:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58309 The tribunal dismissed the appeals challenging the disallowance of interest payments to M/s. P.R. Enterprises and Bombay Mercantile Bank. It emphasized the need for a clear connection between borrowed funds and business use, as well as the requirement for providing adequate details to support deduction claims. The tribunal upheld the disallowances due to the lack of direct nexus between the interest paid and business purposes, as well as the absence of supporting documentation to justify the deductions. Case-Laws Income Tax Mon, 26 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58309