Deduction of interest paid on borrowed sums from Bank under the ...
Interest Deduction Allowed: Loans Diverted to Directors, Sister Concern; Company Had Sufficient Reserves, Surplus of 15 Crores.
November 27, 2015
Case Laws Income Tax SC
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
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