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No Interest disallowance for amount advanced without interest out of Interest free funds
Case Law Details
- Case Name
- Income Tax Officer Vs Shri Anand Prakash Gupta (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008- 09
- Courts
- All ITAT, ITAT Delhi
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In this case Assessing Officer noted that from the perusal of the balance sheet and Annexures it was noted that the assessee has taken loans from banks, amounting to RS. 8,32,93,610/- in the form of secured loan and also from other parties, amounting to Rs. 56,20,479/- in the form of unsecured loans. The Assessee has also taken loans of RS. 4,63,90,000/- in his personal capacity and has used it in his business of share trading. The assessee is paying interest thereon, amounting to RS. 1,66,86,977/- to banks and Rs. 2,02,45,961/- to others. Further, the assessee has advanced interest free frien...
