Case Law Details
Case Name : Hero Cycles Private Limited Vs Commissioner Of Income Tax, Central (Supreme Court Of India)
Appeal Number : Civil Appeal No. 514 of 2008
Date of Judgement/Order : 05/11/2015
Related Assessment Year : 1988-89
Courts :
Supreme Court of India
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CA.V.Vivek Rajan
Brief Facts
AY-1988-1989
a. The assessee had advanced a sum of Rs.1,16,26,128 to its subsidiary company, Hero Fibers Limited and this advance did not carry any interest. The assessee had also borrowed money from the banks at the rate of interest of 18% and had claimed this interest as business expenditure. The claim of interest was Rs.20,53,120.
b. The assessee had also given advances to its own directors for a sum of Rs. 34 Lakhs on which interest was charged at the rate of 10%.
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