Court Upholds Interest Disallowance Due to Lack of Evidence on Sufficient Interest-Free Capital by Assessee.

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....Disallowance of interest - the assessee’ counsel, proceeded de hors what had transpired during the previous hearing, reiterating, without reference to any factual basis, that the assessee had sufficient interest-free capital to preclude the disallowance of interest on borrowed capital. The assessee’s case, thus, continues to be no more than a bald statement, i.e., as it was before the Revenue authorities - additions confirmed.....