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2013 (5) TMI 236 - HC - Income TaxExcess of ‘security deposits’ over refunds received on sale of bottles - whether a excess is trading receipt? - Held that:- Decided in favour of assessee as relying on The Commissioner of Income Tax (Central), Ludhiana Vs. Munjal Gases, Hero Nagar, Ludhiana [2013 (5) TMI 235 - PUNJAB & HARYANA HIGH COURT] Interest on interest free loans advanced to directors and sister concerns - ITAT deleted the addition - Held that:- There is no clear and categorical finding recorded by the CIT(Appeals) or by the Tribunal in respect of commercial expediency of the advancement of interest free loan to the sister concerns or the Directors & though concluded that the Directors were interested in the assessee but the question whether such Directors, who have advanced loan to the assessee, are also the Directors, who are beneficiary of interest free loan from the assessee, has not been examined. The commercial expediency cannot be mere availing of interest free loan from one assessee and giving interest free loan to another - set aside the orders of the CIT(A) and Tribunal and redirect to examine the said question.
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