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2014 (2) TMI 315 - AT - Income TaxDisallowance of proportionate interest expenses - Held that:- The advance given to Karnataka Electricity Board for electric supply, advance given for purchase of machinery and advance rent paid were for the business purpose of the assessee and no disallowance of interest in respect of such interest free business advances can legally be made - No part of interest bearing fund was utilised for giving advance to Karnataka Jewels Ltd. - The disallownace cannot be made. Employee contribution to provident fund - Held that:- The assessee had made payment of employees' contribution within the grace period, therefore the same are treated as paid on or before the due date as per explanation attached to section 36(1)(va) of the Act - Decided against Revenue.
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