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No Section 36(1)(iii) Disallowance Where Own Funds Exceed Investments: ITAT Chennai
Case Law Details
- Case Name
- Thiruvalluvar Textiles (P) Ltd. Vs ACIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Chennai
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Thiruvalluvar Textiles (P) Ltd. Vs ACIT (ITAT Chennai)
The appeals before the Income Tax Appellate Tribunal, Chennai, arose from the orders of the Commissioner of Income Tax (Appeals) dated 24.01.2025 for Assessment Years 2008-09 to 2011-12. The common issue in all the appeals concerned the disallowance of interest on advances made by the assessee company to its wholly owned subsidiary, M/s. The Narasimha Mills Pvt. Ltd. (TNMPL). The disallowance amounted to Rs.3,40,04,077 for AY 2008-09, Rs.2,45,30,864 each for AYs 2009-10 and 2010-11, and Rs.4,92,34,816 for AY 2011-12. Since the issue was co...
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