No disallowance for Interest on Loan given out of surplus interest free funds to Sister Companies

Interest not to be disallowed on interest free loan given to related companies if Assessee proves that same was from surplus interest free funds

IN THE ITAT KOLKATA BENCH ‘A’ (THIRD MEMBER)

S.P. Jaiswal Estates (P.) Ltd.

Versus

Assistant Commissioner of Income-tax

AND C.D. RAO, ACCOUNTANT MEMBER

I

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