This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Interest cannot be disallowed if huge interest free funds were available without any interest
Case Law Details
- Case Name
- ACIT Vs Gopal Fabrics (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Ahmedabad
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
CA Sandeep Kanoi
AO while making this addition has observed as under:-
“5. Addition on account of interest not charged on Advances:
On perusal of Balance sheet of the assessee, during the course of assessment proceeding, it is seen that the assesses has stated Rs.92,24, 794/- as other advances, out of which he has shown interest received from 2 partiesn (1) Gaurav Industries and (2) Amtex Dye Chem Industries to the extent of Rs. 11,16,069/- and Rs.5,46,874/- respectively. The assessee is showing interest income of Rs.6, 71,530/- as interest received from the above two parties. Rs. l,36,745/-...
