Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2007 (8) TMI 277 - ALLAHABAD HIGH COURT
Interest on loans - CIT had found that assessee had paid up capital/ reserve/surplus of Rs. 6.10 crores on which no interest was being paid and therefore interest-free advances made by it are covered - Tribunal, however, had also recorded a finding that the assessee has not diverted any borrowed fund on which interest was paid for non-commercial purposes and therefore, there is no question of disallowance of interest out of the interest paid by the assessee – order of CIT & ITAT is justified