Interest on Bank Overdraft advanced to Sister Concern for Non-Business purpose is not allowable

Dheeraj Consultancy P. Ltd. Vs. ACIT (ITAT Mumbai) The only revenue earned by the assessee is from dividend income to the tune of Rs. 4.50 lacs. The other expenses apart from finance costs also reveal that there is no business activity of advertising agency / real estate business which was carried on by the assessee as there are negligible expenses such as audit fee, filing fee etc paid by the assesseee during the previous year to keep company afloat and to do statutory compliances. The assessee has claimed that over a period of time it has advanced substantial amount of Rs. 26.49 crore to M/s...