TMI BlogCourt Rules 12% Annual Interest on Unlikely Interest-Free Loan to Appellant Company under Tax Dispute.Interest income - it is strange to believe that any non-related party will given loan of ₹ 50 lakh without taking any interest from the appellant company - Hence CIT(A) rightly estimated interest @1% per month (i.e. 12% per year simple interest rate) - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
|