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2018 (3) TMI 1033 - AT - Income TaxDisallowance of interest - Held that:- As decided in assessee's own case [2014 (4) TMI 1214 - ITAT KOLKATA] if these are funds available both interest free and overdraft and / or loans taken, then a presumption would arise that 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. In this case this presumption is established considering the finding of fact both by the CIT(A) and Tribunal. We are therefore, of the opinion that Ld. CIT(Appeals) was justified in allowing the interest paid on loans to be deducted from the interest earned - Decided against revenue
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