In a recent judgement, the Pune bench of the Income Tax Appellate Tribunal (ITAT)upheld the disallowance of excess interest on borrowed funds since the assessee diverted the fund for non-business purposes. Asuda Holdings Private Limited, the assessee challenged the order of Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [CIT(A)] for the A.Y.2014-15….
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