Disallowance of interest u/s 40A(2)(b) - money was first ...
Income Tax
August 1, 2013
Disallowance of interest u/s 40A(2)(b) - money was first diverted by the assessee from his business as a gift to the three persons and thereafter the same money was given to the assessee at the rate of 16% per annum - the entire series of transactions were illusory, colourable and not genuinely for the purpose of the business - HC
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