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2015 (10) TMI 1517 - GUJARAT HIGH COURT

2015 (10) TMI 1517 - GUJARAT HIGH COURT - TMI - Disallowance of interest u/s 36(1)(iii) in respect of interest free advances - CIT(A) deleted the disallowance - Held that:- Three appeals preferred by the revenue in relation to assessment years 1993-94, 1994-95 and 1995-96 were heard together by the Tribunal and by a common order dated 01.11.2006, the Tribunal dismissed all the three appeals by following its decision in the case of ACIT v. Torrent Financiers, (2001 (6) TMI 165 - ITAT AHMEDABAD-A .....

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cover up the interest free advance. The Tribunal agreed with the concurrent findings of fact recorded by the Commissioner (Appeals) and noted that the assessee had interest free funds which were sufficient to cover the interest free loans. Besides, the Assessing Officer had not made out any case that the assessee had utilized borrowed funds other than for business purposes and upheld the deletion of allowance by the Commissioner (Appeals). - Decided in favour of assessee. - TAX APPEAL NO. 1104 o .....

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cer, in respect of interest free advances? 2. The assessment year is 1995-96 and the relevant accounting period is the year ended on 31st March, 1995. The Assessing Officer disallowed a sum of ₹ 13,25,805/- under section 36(1)(iii) of the Income Tax Act, 1961 being debit in the interest account of the Ahmedabad office on account of 13 parties where either no interest had been charged or interest had been charged at less than 18%. The assessee went in appeal before the Commissioner of Incom .....

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