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2011 (3) TMI 645 - HC - Income TaxInterest on borrowed funds - Since, the amount was given to the managing director and other persons only for the purchase of the land - The managing director refunded the entire advance amount of Rs. 30,00,000 to the assessee-company on since the sale has not been effected - and also for business purposes and there is no transaction of loan involved in this case - The Tribunal held that the Revenue has not established the nexus between the borrowed funds and advanced money with the managing director - Therefore, the Tribunal set aside the order of the lower authorities and allowed the appeals.
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