Case Law Details
Case Name : Trimex Industries Pvt Ltd Vs ACIT (ITAT Chennai)
Appeal Number : IT(TP)A No. 77 & 78/CHNY/2022
Date of Judgement/Order : 11/10/2023
Related Assessment Year : 2012-13
Courts :
All ITAT ITAT Chennai
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Trimex Industries Pvt Ltd Vs ACIT (ITAT Chennai)
ITAT Chennai held that disallowing the interest to the extent of amount advanced to its sister concern unsustainable as subsidiaries are engaged in the business as that of the assessee and it is called the expansion of business.
Facts- The AO on perusal of profit & loss account and balance sheet of the assessee noted that there was substantial increase in quantum of secured loans and unsecured loans during the relevant f
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