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2015 (10) TMI 2496 - AT - Income TaxDisallowance of interest for allegedly advancing interest bearing fund towards interest free advances - Held that:- Undisputedly, the assessee has advanced ₹ 75,00,000/- in the month of August. The advance received by the assessee on account of transfer of rights in land is more than sufficient to fund the advances made by the assessee to Shri N.V. Jadhav during that period. Thus, in view of the fact that the assessee was having sufficient funds for advancing to Shri N.V. Jadhav from the transfer of rights in the land. We are of the considered view that the authorities below have erred in making disallowance of ₹ 6,56,250/-. We find merit in the appeal of the assessee. Accordingly, we allow the appeal of the assessee and delete the addition - Decided in favour of assessee
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