Interest cannot be disallowed for advance made for Business Purpose

M/s. Kalya Awas Vikas (P). Ltd. Vs ACIT (ITAT Jaipur) Commercial expediency must be decided from businessman’s point of view — Even expenditure incurred voluntarily on the ground of commercial expediency and in order indirectly to facilitate the carrying on of the business would be deductible under this section. The question whether it was necessary or commercially expedient or not is a question that has to be decided from the point of view of the businessman and not by the subjective standard of reasonableness of the revenue. Assessee concern has advanced loan to Shri Kalyan Realty Ltd an...