Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (12) TMI 1047 - AT - Income TaxValidity of order u/s.263 Held that:- A.O. had failed to make proper inquiry - Following Malabar Industries Co. Ltd. vs. CIT [2000 (2) TMI 10 - SUPREME Court] - The order of AO was erroneous and prejudicial to the interest of revenue Decided against assessee. Disallowance u/s 36(i)(iii) Interest on advances given - Held that:- Interest on advances have become bad and doubtful Both the concerns to whom advances were given were financially weak and they were not in a position to repay interest Assessee has agreed to forego interest portion Decided against Revenue.
|