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2014 (2) TMI 429 - AT - Income TaxAddition made to interest payment – Disallowance of Interest free loans - Held that:- There is no finding recorded by the revenue authorities that whether the reserves and surplus of the assessee for the relevant year were more than the interest free advance of the assessee – the matter remitted back to the AO for fresh adjudication to decide the issue of disallowance of interest after recording a clear cut finding with regard to the amount of reserves and surplus available with the assessee and the amount of interest free advance made – Decided in favour of Assessee.
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