Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2009 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (7) TMI 42 - HC - Income TaxDisallowance of claim of loss on account of share transactions – disallowance of claim of interest – Regarding disallowance of loss on share transactions, AO found that the transactions were entered into with group concerns and the AO doubted the genuineness – Regarding disallowance of the claim of deduction of interest, AO reasoned that the assessee had given interest free advances amounting to its sister concern M/s. Mount Finance Company Pvt. Ltd - The Assessing Officer was, therefore, of the view that the expenditure was not incurred by the assessee wholly, exclusively and necessarily for the purpose of its business and, therefore, he disallowed the same – Held that both the actions of AO are not correct - deduction are allowed.
|