Tag: interest free funds
Interest paid on borrowed funds utilized for investment in group companies for strategic business purpose with commercial expediency cannot be disallowed u/s 36(1)(iii) – ITAT In a recent judgment, ITAT Chennai has held that interest paid on borrowed funds utilized for investment in group companies for strategic business …
No disallowance for interest paid on capital work in progress u/s 36(1)(iii) where sufficient interest-free funds available, presumption is that investments were out of such funds ABCAUS Case Law Citation: ABCAUS 2877 (2019) (04) ITAT Important Case Laws Cited/relied upon by the parties Hero Cycles Pvt. Ltd. Vs. …
In a recent judgment, Amritsar has held that issue of availability of self owned interest free funds for making disallowance u/s 36(1)(iii) can only be determined by examining the accounts. Case Details: ITA No.66(Asr)/2016 Assessment year:2008-09 M/s. Sehdev Enterprises vs. Income Tax Officer Date of Order/Judgment: 21/04/2016 Brief Facts …
