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Case Law Details

Case Name : ACIT Vs Janak Global Resources Pvt. Ltd (ITAT Chandigarh)
Related Assessment Year : 2014-15
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ACIT Vs Janak Global Resources Pvt. Ltd (ITAT Chandigarh)

Where sufficient own interest free funds are available with the assessee, the presumption arises that the assessee had utilised those funds for the purpose of making interest free non business advances. Thus in very clear terms the Hon’ble Apex Court in the case of Hero Cycles Pvt. Ltd. (supra) have upheld he presumption theory.

In the case of Avon Cycles Ltd. (supra) the Hon’ble Apex Court held that in the fact situatio

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