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2014 (11) TMI 1272 - AT - Income TaxDisallowance of interest - assessee could not establish that advance was given for the purpose of the business even when it was paying interest on secured loan taken - CIT-A deleted the addition - HELD THAT:- The assessee was having interest free own funds more than interest free advances - In view of the various case laws relied upon by the ld. AR including the decision in the case of CIT vs. Reliance Utilities [2009 (1) TMI 4 - BOMBAY HIGH COURT] CIT (A) was justified in deleting the addition as investments would be out of the interest-free fund generated or available with the company, if the interest-free funds were sufficient to meet the investments - Decided in favour of assessee.
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