Interest Deduction Allowed: Loans Diverted to Directors, Sister Concern; Company Had Sufficient Reserves, Surplus of 15 Crores.

Deduction of interest paid on borrowed sums from Bank under the provisions of Section 36(1)(iii) disallowed - diversion of loan - loan given to Directors and Sister concern - the company had reserve/surplus to the tune of almost 15 crores - claim of deduction of interest allowed - SC .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X