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2016 (8) TMI 515 - HC - Income TaxDisallowance under section 36(1)(iii) - interest free advances given to the sister concern - Held that:- Interest free loan given to the sister concerns is permissible and therefore, the Commissioner (Appeals) has rightly deleted the disallowance made by the Assessing Officer under section 36(1)(iii) of the I.T. Act. See Commissioner of Income-tax v. Raghuvir Synthetics Ltd.[2013 (7) TMI 806 - GUJARAT HIGH COURT] Disallowance of preoperative expenses of new business - Held that:- Entry in the books of account under the Company law is not relevant and in view of the decision of this court in the case of Commissioner of Income-tax v. Nirma Ltd. (2014 (10) TMI 396 - GUJARAT HIGH COURT), the Tribunal has rightly upheld the decision of the Commissioner (Appeal) restricting dis allowance.
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