TMI BlogThe amount of advance given to partners and sister concerns is debited to the capital account of the...The amount of advance given to partners and sister concerns is debited to the capital account of the partners, still there is a credit balance in the partners capital account, therefore, the A.O. was not correct in holding that the assessee has diverted its interest bearing funds to its partners and sister concerns. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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