Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2003 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2003 (3) TMI 33 - HC - Income TaxInterest-free loan advanced to the four subsidiaries – allowability of interest - whether interest should be allowed or not, whether interest-free loan advanced to the four subsidiaries is for purpose of business, is basically a question of fact. No substantial question of law does arise for consideration. Otherwise also, the finding of fact of the Tribunal that interest-free loan to its four subsidiaries was not for the purpose of business is not perverse, nor there was any justification to pay huge amount of interest on the borrowings and advance the loan to its subsidiaries at free of interest. No interference is called for in the order of the Tribunal
|