Court Allows 18% Interest Rate u/s 40A(2)(a), Balancing Fairness for Directors and Shareholders in Tax Case.

Disallowance u/s.40A(2)(a) - reasonableness of interest paid @24% to directors / shareholders - taking a liberal view of the matter, an interest rate of 18% p.a. allowed to meet the ends of the justice. - Decided partly in favor of assessee. - AT .....

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