Disallowance u/s 36(1)(iii) - Interest free funds to sister ...

Income Tax

April 8, 2020

Disallowance u/s 36(1)(iii) - Interest free funds to sister concerns - the net worth of the assessee has been reduced substantially due to losses incurred from the business. At the same time, the long term borrowings and short term borrowings are increased substantially. From the above, it is very clear that there is no interest free fund available with the assesee to explain loans and advances given to sister concerns. - Additions confirmed - AT

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Disallowance u/s 36(1)(iii) - Interest free funds to sister ...

Income Tax

April 8, 2020

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