Adjustment towards interest on receivables unjustified as assessee is debt free company

PCIT Vs Inductis India Pvt. Ltd. (Delhi High Court) Delhi High Court held that the assessee company being a debt free company the question of receiving any interest on receivables did not arise. Accordingly, the adjustment made by AO on account of interest on outstanding receivables. Writ dismissed as no substantial question of law arose. Facts- The respondent/assessee being a wholly owned subsidiary of ExlService Mauritius Ltd was engaged in providing IT enabled back office research and data analytics services to its associated establishments (AE) filed its return on 29.11.2012 declaring its...