AO rightly disallowed interest exp. as there was no commercial expediency to advance funds to sister concern

INCOME TAX : Where assessee had not led any evidence to show commercial expediency to advance funds to sister concerns and in addition to this, also failed to file cash flow statement to show that own funds were advanced to sister concerns, Assessing Officer had rightly disallowed interest expenses incurred on advancement of loans to sister concerns on account of commercial expediency

from www.taxmann.com Latest Case Laws https://ift.tt/2TIkCzw