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2017 (3) TMI 318 - ITAT DELHIAddition of notional interest on account of interest free loan given to subsidiary - Held that:- Facts and circumstances of the present case are exactly similar and identical to the assessment years 2010-11 & 2012-13, hence, the addition in dispute needs to be deleted. We also find that in the case of CIT vs. Dalmia Cement Bharat Ltd. [2009 (7) TMI 45 - DELHI HIGH COURT ] has held that “In the absence of anything to show that the interest free loan given by the assessee company to its subsidiary company was for personal benefit of any director or for any other personal reasons, it has to be held that the loan was given for the purposes of business and commercial expediency and, therefore, no portion of the interest paid by the assessee on its borrowed funds can be disallowed on the ground that a part thereof has been diverted to the subsidiary company. - Decided in favour of assessee.
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