Disallowance of interest - As rightly noted by Ld. CIT(A), it ...

Interest Disallowance Overturned: Funds Not Borrowed for Business, Separate Transfer for Lohegaon Project Validates Interest Claim.

April 17, 2021

Case Laws Income Tax AT

Disallowance of interest - As rightly noted by Ld. CIT(A), it was not the case the case where the funds were borrowed for the purpose of business and the excess funds were parked by the company for earning interest income. This was a case where the funds for the Lohegaon project were transferred separately and the loan to GBL in the books of the holding company was transferred to the assessee along with equal liability. - Claim of interest expenditure cannot be denied - AT

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Disallowance of interest - As rightly noted by Ld. CIT(A), it ...

Interest Disallowance Overturned: Funds Not Borrowed for Business, Separate Transfer for Lohegaon Project Validates Interest Claim.

April 17, 2021

Case Laws Income Tax AT

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