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Disallowance u/s 36(1)(iii) unjustified as investments made out of interest free funds
Case Law Details
- Case Name
- DCIT Vs Sylvannus Builders and Developers Ltd (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Ahmedabad
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DCIT Vs Sylvannus Builders and Developers Ltd (ITAT Ahmedabad)
ITAT Ahmedabad held that when interest free funds are available with the assessee, it can be said that investments are made out of interest free funds and hence disallowance under section 36(1)(iii) of the Income Tax Act not justifiable.
Facts- The respondent assessee is a Private Limited Company engaged in the business of Real Estate Developers and Construction. For A.Y. 2016-17, the assessee filed its Return of Income on 28.09.2015 declaring a total income of Rs. 3,11,94,560/-. The case was selected for scrutiny and assessment wa...
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