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2016 (11) TMI 1024 - HC - Income TaxInterest paid to third party - diallowance of claim as business expenditure while estimating the net profit - Held that:- As no interest or very low rate of interest has been charged from family concerns on advances, the assessee has raised loans and paid interest and forwarded the same for non-business consideration therefore the interest from the said amount cannot be allowed as business expenditure u/s 37 of the Act being for non-business consideration, in the absence of any explanation or evidences by the assessee in support of his claim. - Decided against assessee
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