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2023 (7) TMI 679 - ITAT VISAKHAPATNAMDisallowance of interest expenditure - diversion of funds - nexus between the loan funds and the interest free advances confirmed or not? - HELD THAT:- AO has not established the fact that the secured loan availed from State Bank of India was uitilized for advancing interest free loans to the three persons. The revenue could not controvert the fact that the funds advanced by the assessee were only after withdrawing the share capital from M/s KVR Industries. Hence, respectfully following the decision of Rohit Kochar [2018 (12) TMI 208 - ITAT DELHI] quash the order passed by the Ld.CIT(A) and direct the AO to delete the addition made towards disallowance of interest - Decided in favour of assessee.
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