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2020 (11) TMI 212 - AT - Income TaxInterest on loans taken from director and inter corporate deposit - Whether loan is wholly and exclusively for the purpose of business activities - HELD THAT:- The issue has duly been covered by the assessee's own case for the A.Y. 2012-13 in [2019 (7) TMI 1708 - ITAT MUMBAI], therefore, by honoring the decision of the Hon'ble ITAT, we set aside the finding of the CIT(A) on this issue and allowed the claim of the assessee. - Decided in favour of assessee. Disallowance of interest paid oil TDS - HELD THAT:- As admitted by Ld. Representative of the assessee that the issue has been decided against the assessee in the case of Ferro Alloys Corporation Ltd. Vs. CIT [1991 (12) TMI 39 - BOMBAY HIGH COURT] - Decided in favour of the revenue.
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