Interest cannot be disallowed if interest-free funds advanced to sister concerns without interest-free

IN THE ITAT CHENNAI BENCH ‘A’ Assistant Commissioner of Income-tax v/s. Apollo Hospitals Enterprises Ltd. IT APPEAL NO. 605 (MDS.) OF 2012 [ASSESSMENT YEAR 2004-05] MAY 18, 2012 ORDER N.S. Saini, Accountant Member This is an appeal filed by the Revenue against the order of Commissioner of Income Tax(A)-III, Chennai dated 07.12.2011 by taking the following grounds:-  “1.  The order of the learned Commissioner of Income Tax(A) is contrary to law and facts and circumstances of the case. 2.1  The CTI(A) erred in deleting the disallowance of interest on borrowe...