Assessee-firm advanced money to two ladies without interest out of interest bearing funds allegedly to acquire properties for firm in course of business - However, no evidence was produced by assessee to justify its stand - Assessee claimed interest paid on borrowings - Whether since amount advanced out of interest bearing funds was not for business purpose, interest attributable to money advanced to said two ladies could not be allowed as deduction - Held, yes

Akarshan Builders [2015] 60 taxmann.com 138 (Karnataka) DECEMBER  2, 2014