Case Law Details
Case Name : Woodman Trading Co Pvt Ltd Vs ITO (Osd) (ITAT Rajkot)
Related Assessment Year : 2005-06
Courts :
All ITAT ITAT Rajkot
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Woodman Trading Co Pvt Ltd Vs ITO (Osd) (ITAT Rajkot)
Assessing interest expenses disallowance. Own funds cover interest-free advances. Proportionate disallowance if own funds insufficient. Judicial discipline emphasized.
If an assessee having sufficient interest free funds, in the form of capital reserves and other funds without interest bearing from relatives and friends not related to business, to cover funds given interest free or utilized other than for business purposes, no disallowance is warranted. If the own funds are not sufficient to cover interest free advances, a propo...
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