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2014 (9) TMI 397 - HC - Income TaxUnsecured loan from friends and relatives Loans utilized for business purpose or not Held that:- The assessee has borrowed funds from his friends and relatives and paid the interest thereupon - The funds were borrowed for the purpose of business but were never utilized for the purpose of business - The funds were lying idle in an almirah - It is not case of assessee that the funds were "Cash in hand", as per the balance-sheet - the funds was not shown as "cash in hand" - No special circumstances were mentioned for not utilizing the funds for business purpose there is no reason to interfere in the order of the Tribunal Decided against assessee.
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