Assessee's Claim Allowed: No Evidence Found for Loan Misuse or Excessive Interest u/s 40A(2)(b) Income Tax Act.

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....Addition u/s 40A(2)(b) - nothing is brought on record to substantiate that the loans raised by the assessee were not utilized for the business purposes or were diverted for any other purposes. It is also noticed that neither the AO nor the ld. CIT(A) brought any material on record to substantiate that the rate of interest paid by the assessee was excessive - claim allowed - AT....