Assessee was engaged in business of asset management services.It had acquired a land for purpose of business by taking a loan. Assessing Officer disallowed interest paid by assessee on loan on ground that loan amount in question was used by assessee for purchasing land which was an agricultural land and on which assessee had cultivated tapioca.  Though land in question was shown as a business asset in balance sheet of company but said land was used for agricultural purposes, which yielded agricultural income. Court held that  since there was no evidence to show that land was used for purpose of business of assessee,interest paid in respect of loan borrowed for purchasing said land could not be allowed as a deduction.Order of Tribunal affirmed. (AY. 2012-13)