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2015 (9) TMI 431 - AT - Income TaxDisallowance of interest expenses - assessee has allegedly diverted interest bearing funds for non-business purposes - Held that:- The advances have been made to M/s Suresh Goel & Son (HUF) for the purpose of the business and on account of commercial expediency, and it has not been established by the learned Assessing Officer that advances are for non - business purposes and as such, disallowance made by the learned Assessing Officer is unsustainable in law. Therefore, delete the addition in dispute amounting to ₹ 10,54,790/- made by the AO and upheld by the Ld. CIT(A). See S.A. Builders Ltd. vs. CIT [2006 (12) TMI 82 - SUPREME COURT] - Decided in favour of assessee.
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