Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (9) TMI 397 - ALLAHABAD HIGH COURTUnsecured loan from friends and relatives – Loans utilized for business purpose or not – Held that:- The assessee has borrowed funds from his friends and relatives and paid the interest thereupon - The funds were borrowed for the purpose of business but were never utilized for the purpose of business - The funds were lying idle in an almirah - It is not case of assessee that the funds were "Cash in hand", as per the balance-sheet - the funds was not shown as "cash in hand" - No special circumstances were mentioned for not utilizing the funds for business purpose – there is no reason to interfere in the order of the Tribunal – Decided against assessee.
|