Borrowals to extent of interest free loans is for non business purposes

Interest Free Loan to subsidiary company – Borrowals to extent of interest free loans cannot be taken to have been used for business HIGH COURT OF KERALA Commissioner of Income-tax, Cochin versus Harrisons Malayalam Ltd. IT APPEAL NO. 93 OF 2000 AUGUST 3, 2012 JUDGMENT K. Vinod Chandran, J. The above appeal filed by the Revenue relates to the assessment year 1992-93. 2. The assessee company engaged in the business of plantations, inter alia, has business in execution of engineering works, agency service, bio-tech division, etc. In the returns filed for the assessment yea...