Case Law Details
Brief of the case:
Delhi High Court held in CIT Vs DLF Universal Ltd held as follows :-
1. If assessee got hundi from its suppliers and get it discounted from the bank ,then the discounting charges paid by the assessee would be treated as a revenue expense;
2. If the assessee had transferred its net assets at the book value then no question of gain would arise because gain only arise if the selling price is in excess of cost price;
3. If the assessee had advanced interest to its subsidiary company and did not claim interest on that then notional interest would not be added to its income provided the funds which had advanced would not be the borrowed funds.
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