Disallowance for Advancement of interest-free loan for non-business purpose out of mixed funds

DCIT Vs Gayatri Construction (ITAT Ahmedabad)

Ld. counsel has submitted that advances were given to Ramjibhai and Company for business purpose and petrol and diesel was also purchased from them. The ld. Counsel has also contended that assessee was having interest free fund of Rs. 64,75,145/-. The ld. counsel has also placed reliance on the judicial pronouncement of the Hon’ble Bombay High Court in the case of Reliance Utilities 313 ITR 340 (Bom).

The assessee has not brought any material

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