Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (1) TMI 242 - HC - Income TaxConfirmation of allowance of interest – Held that:- The Tribunal was rightly in observing that the FAA after examining the facts of the case came to the conclusion that the advances were given by the assessee for the purpose of business - the nexus was not established by the revenue to the effect that the interest bearing fund was diverted for non-business purpose - in similar circumstances, disallowance of interest was deleted by the FAA in the subsequent years – thus, the order of the Tribunal is upheld – Decided against revenue.
|