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Court Rules Interest Expenses Disallowed: No Charges on Advance to Key Personnel's Wife Justified by Assessee's Strong Financial Position.
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....Disallowance of interest expenses - assessee has not charged any interest in respect of advance given to the wife of the one of the key personnel of the company - In view of the huge funds available with the assessee without any interest liability, we find that the issue is squarely covered in favour of assessee. - AT....