Disallowance of interest - diversion of funds for a non-business ...

Interest Disallowance Rejected: Assessee's Own Funds Covered Advances, No Non-Business Diversion Found.

June 12, 2019

Case Laws Income Tax AT

Disallowance of interest - diversion of funds for a non-business purpose - owned fund of the assessee as on 31st March 2013 and 31st March 2014 is more than the amount of advances given at a lower rate of interest which is not in dispute - a presumption can be drawn that the assessee has advanced the money to the relatives of the partners out of its fund - no disallowance

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Disallowance of interest - diversion of funds for a non-business ...

Interest Disallowance Rejected: Assessee's Own Funds Covered Advances, No Non-Business Diversion Found.

June 12, 2019

Case Laws Income Tax AT

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