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Case Law Details

Case Name : DCIT Vs Universal Industrial Fund Ltd. (ITAT Kolkata)
Related Assessment Year : 2009-10
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DCIT Vs Universal Industrial Fund Ltd. (ITAT Kolkata)

Interest expense incurred in the business of money lending was Rs.2,0276,317/-. In the course of its business of financing, the assessee borrows and lends monies. The assessee pays interest on the borrowed funds and earns interest on the loans advanced. Therefore, both the interest income and the interest payment are intrinsically linked. There is complete inter lacing of funds and therefore, for ascertaining the tax effect, netting off of interest paid w

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