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2019 (5) TMI 316

..... s interest free fund of ₹ 3,22,11,819/- out of which it could be construed that the assessee must have given advance without charging interest. Since interest free funds are more than the interest free advance given by the assessee, therefore, there should not be any interest expenditure require to be disallowed from the claim of the assessee. As fortified by the decision of Cit Vs. Reliance .....

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..... 3. With the assistance of the ld.representatives, I have gone through the record carefully. The ld.AO has observed that assessee has not charged interest on advance of ₹ 1,44,50,000/- given to Solace Stock P.Ltd. However, it has debited interest expenses of ₹ 7,89,041/-, hence by taking rate of interest at 6% on the advance given to the sister concern, he calculated notional interest a .....

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