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Case Law Details

Case Name : DCIT, Circle Vs Maruti Securities Limited (ITAT Hyderabad)
Appeal Number : ITA. No.1651/Hyd/2017
Date of Judgement/Order : 23/03/2018
Related Assessment Year : 2013-2014
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DCIT Vs Maruti Securities Limited (ITAT Hyderabad)

The Assessing Officer was of the view that the company has entered into an agreement for receipt of interest from the above companies @ 8% per annum during the previous year relevant to the A.Y. 2009-10. At the end of the years, the assessee-company has again entered into agreements for not charging interest or waiver of the interest stating that all the three parties suffered losses. The practice of entering and cancellation of agreements, is not acceptable according to the AO, since t

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