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2016 (10) TMI 1242 - HC - Income TaxEntitlement to deduction of interest on loans when assessee has extended interest free loans to directors & sister concerns- Held that:- Not only has assessee own funds, well covering the loans and advances, but in the previous year the advances had gone down. In none of the earlier assessment year viz. by 2003-04, 2004-05, 2005-06, 2006-07, 2007-08 & 2008-09 were any disallowance for interest on loans for non-business purpose made. Cases of COMMISSIONER OF INCOME-TAX VERSUS RAGHUVIR SYNTHETICS LTD. [2013 (7) TMI 806 - GUJARAT HIGH COURT] and THE COMMISSIONER OF INCOME TAX VERSUS RELIANCE UTILITIES & POWER LTD. [2009 (1) TMI 4 - BOMBAY HIGH COURT] to be followed. - Decided against revenue
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