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2016 (11) TMI 796 - HC - Income TaxInterest on loan disallowed - amount utilized for non-business purposes - Held that:- There is no material which proves that there was outstanding interest as on 31.03.2004 in the overdraft account under consideration, the interest accrued on month to month basis had been paid on month to month basis as the deposit of each month was much more than the corresponding interest debited in respective month and as such no part of such interest remained which could be said to have been converted into any loan or advance as on the close of the previous year so as to be deemed not actually paid. Under the facts and the circumstances, the disallowance of interest is deleted - Decided in favour of assessee.
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