Case Law Details
CIT Vs Shiv Agrevo Ltd. (Rajasthan High Court)
The prevailing market rates of interest for the loans of permanent nature were between 18 per cent, to 24 per cent, whereas the cases compared by AO pertained to the loans of temporary nature and that the assessee had advanced money for the purpose of business needs. Therefore, the interest was not excessive or unreasonable under section 40A(2)(b).
FULL TEXT OF THE ITAT JUDGMENT
Since in all these appeals, common questions of law and facts are involved, they are decided by this common judgment.
2. By way of these appeals, the appellants have challenged the judgment and order of the Tribunal whereby the Tribunal has partly allowed the appeals of the assessee and dismissed the appeal of the Department modifying the order of the Commissioner (Appeals) whereby the Commissioner (Appeals) has allowed the appeals in favour of the assessee.
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