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2013 (10) TMI 287 - GUJARAT HIGH COURTDisallowance of interest expense - loan and advances to sister concerns – Held that:- Rate of interest for advancing the loan to the sister concern was 6% and borrowing in the majority cases was at 12% - No error much less any substantial error can be said to have been committed - As far as M/s.RJD Impex Pvt. Ltd., a proprietary concern, is concerned, on having noted that it being in the business of financing, not only advances money and charges interest at the rate of 12%, but, it also passes 12% interest on the borrowings made by it - Both the CIT (Appeals) and the Tribunal appropriately dealt with the issue, then, no reason to interfere with the deletion made by the CIT (Appeals) and confirmed by the Tribunal – Decided against the Revenue.
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