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the assessee advanced interest free loan to its sister concern amounting to Rs.5 lacs. According to the Tribunal, there was nothing on record to show that the loans were given to the sister concern by the assessee-firm out of its Own Funds and, therefore, it was not entitled to claim deduction under Section 36(1)(iii). Munjal Sales Corporation Vs.CIT (Supreme Court)
Shri C.S. Vaidyanathan, Shri Ashok Desai, Shri V. Gauri Shankar, Dr. D.P. Pal, Shri Joseph Vellapally, Shri K.N. Shukla, Shri Pallav Shishodia, Shri A.P. Medh, Ms. Priya Hingorani, Shri B.K. Prasad, Shri S.N. Terdol, Shri S. Rajappa, Ms. Hemantika Wahi, Shri N.L. Garg, Shri C.V. Subba Rao, Shri Ranbir Chandra, Ms. Sumita Hazarika, Shri S.K. Dwivedi, Shri Tarun Gulati
There is no finding of fact to the effect that actually the loan had been granted to the managing director or any other person on interest, or that interest had actually been collected and the collection of the interest was not reflected in the accounts.
