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If assessee have enough interest Free Fund, No interest amount can be disallowed for amount advanced to sister concerns
Case Law Details
- Case Name
- Commissioner of Income Tax Vs Raghuvir Synthetics Ltd. (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Gujarat High Court
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CIT Vs. Raghuvir Synthetics Ltd. (Ahmedabad High Court) –
“Whether the appellate tribunal is right in law and on facts in confirming the order passed by the CIT (Appeals) deleting the dis allowance of Rs. 18,66,000/- made by the Assessing Officer on the ground that the assessee had given interest free loans to associate concerns out of interest bearing funds ?”
Thus, as can be seen the Tribunal actually relied on the findings given in case of Torrent Financiers Ltd. (supra) and furthermore there was nothing contrary that could be brought on record by the Department for it to hold o...
