Case Law Details
Case Name : DCIT Vs Tally Solutions Pvt. Ltd. (ITAT Bangalore)
Related Assessment Year : 2014-2015
Courts :
All ITAT ITAT Bangalore
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DCIT Vs Tally Solutions Pvt. Ltd. (ITAT Bangalore)
Claim of depreciation on the home-theatre used for the business purpose is allowable in law – In absence of nexus between the borrowed funds and outstanding amount of the sister-concern, addition is not sustainable.
Facts-
AO observed that the assessee has diverted funds of INR 9,72,38,877 towards sister-concern without charging interest. AO made addition of INR 1,40,99,637 as interest @14.5%.
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