Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (10) TMI 934 - KARNATAKA HIGH COURTAdvances made to related parties - whether were for the purposes of purchase and conversion of agricultural lands? - proof of advances for business purposes - Held that:- In the case of M/s Bagmane Constructions Pvt. Ltd. – the sister concern of the assessee [2015 (1) TMI 403 - KARNATAKA HIGH COURT] this Court has held that the money given by M/s Bagmane Developers Pvt. Ltd to its sister concern for acquisition of land is for business purpose and has upheld the order of the tribunal. In that view of the matter, this claim relating to interest on that advance is also not taxable and is an allowable expenditure. This is what the tribunal has held. Therefore, no merit in this appeal. No substantial question of law.
|