Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (7) TMI 845 - ITAT AMRITSARProportionate dis allowance of interest u/s 36(1)(iii) - investment standing as share application money in various related concerns by treating the same as amount used for non- business purpose - Held that:- We hold that the impugned advance has been made out of interest free funds available with the assessee and there was no question of whatsoever for disallowing interest 36(1)(iii) of the Act. Accordingly, we hold that the disallowance of interest u/s 36(1)(iii) pertaining to the sister concerns upheld by the ld. CIT(A) is not justified, hence, the same is deleted. - Decided in favour of assessee.
|