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Income Tax

No interest disallowance if Own Funds Sufficient to Cover Interest Free Advances

By Editor5 Income Tax Judiciary December 31, 2010
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Case Law Details

Case Name
Woodman Trading Co Pvt Ltd Vs ITO (Osd) (ITAT Rajkot)
Appeal Number
Only available for paid members
Date of Judgement/Order
Only available for paid members
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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