Case Law Details
Case Name : ACIT Vs VIC Enterprises Pvt Ltd (ITAT Delhi)
Related Assessment Year : 2015-16
Courts :
All ITAT ITAT Delhi
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ACIT Vs VIC Enterprises Pvt Ltd (ITAT Delhi)
VIC Enterprises Pvt. Ltd. is an NBFC & promoter of Dabur India Ltd., earning over 96% of its dividend income from Dabur. AO noticed that the company had made interest-free advances/investments of ₹108.45 Cr to group/associate entities while paying interest of ₹5.62 Cr on borrowings. AO presumed that borrowed funds were diverted interest-free & disallowed the entire interest u/s 36(1)(iii). AO also made disallowance of ₹2.08 Cr u/s 14A.
CIT(A) deleted both disallowances by following ITAT orders in
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