This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
No disallowance of interest for loan advanced to Sister Concern out of Share Capital and Reserves
Case Law Details
- Case Name
- ACIT Vs M/s. Edicon Mining Equipment (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07, 2007-08 & 2009-10
- Courts
- All ITAT, ITAT Mumbai
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Grounds of appeal by Revenue:
The Revenue, in ITA No. 7758/Mum/2010 & ITA No. 1364/Mum/ 2011, has raised the following grounds of appeal: –
On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition of Rs.18,50,000/- being interest disallowed u/s. 36(1)(iii) of the I.T. Act, 1961, overlooking the failure of the assessee to substantiate that the amounts borrowed were for the purpose of the assessee’s business.
On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in placing reliance on the case of M/s. ...
