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2019 (1) TMI 1088 - HC - Income TaxDisallowance of interest expenditure on interest bearing loans, on account of diversion and advances and interest free loans to sister companies - Held that:- As alleged that the respondent-assessee had not furnished copies of alleged agreements with M/s Gaursons India Limited and M/s U.P. Township Private Limited. The Tribunal in the impugned order has referred to different amounts paid with reference to other advances and observed that all the above advances even if it is presumed that they are not given by the assessee for the non-business purposes they do not exceed the funds available with the assessee without interest. Keeping in view the assertions made by the Revenue on the findings recorded by the Tribunal, we feel that the appeal should not be dismissed in limine at the admission stage itself but should be heard in detail. Therefore, without expressing any opinion, we are issuing notice in this appeal returnable on 14th March,2019.
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