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Loans from SBH & PNB, Rs. 5 cr transferred to Tripoli Mgmt; interest deduction allowed on Rs. 5 cr loan from 20/06/2016 to 31/03/2017.

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....Nexus between loans taken from SBH and PNB initially advanced to Nandan Corporation and subsequently transferred Rs. 5 crore from Nandan Corporation to Tripoli Management on 20/06/2016 established. Assessee entitled to claim Rs. 36,58,096/- deduction for interest payment on Rs. 5 crore loan from 20/06/2016 to 31/03/2017 subject to AO's verification. Disallowance of interest claim on LIC policy loan upheld. Appeal partly allowed.....

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Loans from SBH & PNB, Rs. 5 cr transferred to Tripoli Mgmt; interest deduction allowed on Rs. 5 cr loan from 20/06/2016 to 31/03/2017.