Case Law Details
Case Name : The Liquidator Polymerland India P. Ltd. Vs DCIT (Delhi High Court)
Related Assessment Year :
Courts :
All High Courts Delhi High Court
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Brief Facts:
Assessee is a Joint Venture Company currently facing liquidation proceedings before Allahabad High Court but continued to disburse amount to suppliers for business purposes.
Due to deteriorating condition one of the suppliers failed to repay the amount advanced by assessee.
In the AY 1997-98 assessee come into an agreement with supplier according to which advances converted into loan and supplier agreed to pay interest also.
Due to breach of agreement by supplier assessee reversed entries of outstanding amounts in its books in order to avoid dual accounting.
Revenue added intere...
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Loan given to supplier will be shown in B/S??