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2016 (3) TMI 683 - HC - Income TaxDisallowance of interest on the loans advanced by the assessee to its sister concerns - Held that:- a look at the orders of the three Authorities would show that there was no basis for the Authorities to come to the conclusion that the amounts were lent for non business purposes. M/s.Kriscast is obviously a casting company. The appellant is a manufacturer of G.I. castings. There was no indication about the nature of businesses that the appellant as well as the borrowers were engaged in. A finding made on thin air that the amounts were lent for non business purposes cannot be sustained. The assessment years are 1991-92 and 1993-94. Therefore, we have ventured to go into the merits of the case rather than sending the matters back to the Tribunal on the ground of failure to afford a reasonable opportunity. - Decided in favour of assessee
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