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2004 (11) TMI 43 - HC - Income Tax"1. Whether, Tribunal to hold that the financial position of the debtors had deteriorated and the recovery of even the principal amount had become doubtful? 2. Whether, Tribunal was right in law in deleting the made on account of accrual of interest?" - held that where on account of commercial expediency and on account of continued losses suffered by the subsidiary the interest was not charged, the Tribunal was justified in deleting the amount towards interest disallowed by the Assessing Officer in respect of the interest paid on borrowed funds - Tribunal has not committed any error in deleting the amount in question and the findings recorded by it are based on relevant material and evidence. Consequently, we answer the above questions referred to us in the affirmative, i.e., in favour of the assessee
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