2014 (10) TMI 934

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..... vt. Ltd. – the sister concern of the assessee [2015 (1) TMI 403 - KARNATAKA HIGH COURT] this Court has held that the money given by M/s Bagmane Developers Pvt. Ltd to its sister concern for acquisition of land is for business purpose and has upheld the order of the tribunal. In that view of the matter, this claim relating to interest on that advance is also not taxable and is an allowable expen .....

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..... or A.Y.2007-08 and 2008-09 respectively on the ground that the advances made to its related parties were for the purposes of purchase and conversion of agricultural lands without appreciating that no agricultural lands were purchased by the related parties on behalf of the assesses company and as such there was no evidence that these advances were for the business purposes? 3. In fact, in the .....

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