Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (7) TMI 861 - AT - Income TaxProportionate interest disallowed Interest free loans and advances given to sister concern - Held that:- The assessee has taken a plea that the total interest free funds available to the assessee company are sufficient to make the interest free advances and the disallowance of notional interest is un-warranted - the facts have not been taken cognizance by the authorities - the assessee company has sufficient funds to make interest free advances and hence the disallowance made/confirmed by the AO/CIT(A) on the basis of notional interest is not justified the order of the CIT(A) is set aside Decided in favour of Assessee. Contractual receipt on AIR information Held that:- Addition has been made by the AO and the same confirmed by the CIT(A) solely on the basis of the AIR information to which the assessee has contradicted the statement earlier made - When the assessee has contradicted the AIR information, it is a duty of the authorities below to prove that the payment has been made to the assessee - thus, the matter is to be remitted back to the AO for fresh assessment Decided in favour of Assessee.
|