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2015 (5) TMI 1040 - AT - Income TaxAddition on account of interest attributable to interest free loans given - Held that:- Respectfully following the decision of the Tribunal in assessee’s own case in the immediately preceding assessment year, we find no infirmity in the order of the CIT(A) deleting the disallowance made by the Assessing Officer wherein held that interest free loan is out of the excess funds only. Such a claim of deduction cannot be disallowed, unless it has been shown that the assessee has actually diverted its interest bearing loan either for some non-business purpose of for personal use. There is no diversion of interest bearing loan for any other purpose except for the purpose of the business. - Decided in favour of assessee
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