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 IT APPEAL NOS. 488 & 525 (KOL.) OF 2011 [ASSESSMENT YEARS 2006-07 AND 2007-08] MAY 31, 2012 ORDER Mahavir Singh, Judicial Member   Appeal No. 488/K/2011 filed by assessee is arising out of revision order of CIT (Central-1), Kolkata in M. No. CIT(C-1)/263/SP JAISWAL ES...