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I.T.AS. NOS. 2983/LB AND 3901/LB OF 2001, DECIDED versus I.T.AS. NOS. 2983/LB AND 3901/LB OF 2001, DECIDED

Section 23 (1) (vii) interest deduction on short-term loans used for business was given to the sister due to concern from her own source in the short-term proportion of the amount to be paid. Interest on the loan should not be allowed. Sister's Concern As a Loan / Advance Validity Bank Loan is acquired by an organization for a specific business purpose, if used in the same spirit, interest paid on the said amount becomes allowable expense Had advanced advance loan for sister concern but got nothing. To do this with Bank Advance, the entire loan amount was used for the assessee's own business and because of which it could be withdrawn, the law required that the loan business Should have been acquired for that purpose and it should have been invested for that purpose. In such cases interest payments would become allowable deductions that did not yield a profit, or donkeys. See if he has enough capital on his own or did not need a loan from the bank or lend it to another company without any interest from his source, or at low interest, for the entire exercise of a law-abiding officer. Were out of necessity. It was disclosed that the ICC was not a contentious business, in contrast to a position where the borrowed capital was not used and the business was run from its own resources which would not allow interest claims in the facts of the present case. Proportional permission was not guaranteed. Short-term banks for business purposes famous supreme court advocate from Khangah Sharif lawyer