Case Law Details
Case Name : The Liquidator Polymerland India P. Ltd. Vs DCIT (Delhi High Court)
Appeal Number : ITA Nos. 268/2008, 269/2008 & 270/2008
Date of Judgement/Order : 19/05/2015
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.
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Loan given to supplier will be shown in B/S??