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Tax Authorities Disallow Interest on Loans: Interest-Free Advances to Father's Business Examined Under Tax Rules.

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Full Text of the Document

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....Disallowance of amount of interest on the amount advanced as interest-free advance & loans - Assessee on one hand is advancing interest free loans and advances to his father proprietary concern and on the other hand the assessee is paying interest on the loan obtained from his father. - Additions confirmed (after excluding the own funds) - AT....

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