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Commissioner of Income Tax-4 Versus M/s. Taurian Iron & Steel Co. Pvt. Ltd.

2016 (7) TMI 60 - BOMBAY HIGH COURT

Addition u/s 36(1)(iii) on account of interest disallowed - interest free advances and loans were also given to directors and sister concerns which are for non business purposes - Held that:- In view of the fact that the issue is covered by the decis .....

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of assessee - Income Tax Appeal No. 2507 of 2013 - Dated:- 7-6-2016 - M. S. Sanklecha And A. K. Menon, JJ. Mr. A. R. Malhotra a/w N. A. Kazi for the Appellant Mr. Atul Jasani for the Respondent ORDER P. C. 1. This Appeal under Section 260A of the In .....

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e urges the following questions of law for our consideration : (i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in deleting the addition of ₹ 69,70,175/made by the A.O. Under section 36(1)(iii .....

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as justified in deleting the addition made by the A.O. under Section 36(1)(iii) even though the Assessee has given loans and advances to its directors and sister concerns as interest free advances whereas the Assessee itself is having interest bearin .....

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ndaram & Brothers vs. CIT (1999) 238 ITR 939, it was held that when 'income earned by utilizing the borrowers is 'diverted' for non business purposes, deduction is allowable … where the assessee paid interest on borrowers for b .....

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