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2014 (4) TMI 903 - AT - Income TaxDeletion of disallowance of interest Debit balance maintained for short period Validity of Direction made by the CIT(A) Held that:- The CIT(A) agreed that there is a commercial expediency to transfer the funds from assessee's CC A/c to SB accounts of assessee's family members with the same Bank but, the CIT(A) accepted such diversion only for short period of 10 days and he directed to disallow interest for balance period the direction of the CIT(A) is not proper - Once the CIT(A) observed that there is commercial expediency to divert the funds from assessee's account so as to oblige the request of the Bank to boost up their deposit position, the interest earned on such diversion to the accounts of family members should be the income of the assessee rather income of the family members thus, the AO is directed to bring the interest earned, on diversion of fund from assessee's CC account to the SB accounts of family members, to tax in the hands of the assessee Decided partly in favour of Assessee.
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