Monday, October 20, 2014

[aaykarbhavan] No disallowance of interest on loan if firm extended interest free loan to partners from its funds



No disallowance of interest on loan if firm extended interest free loan to partners from its funds

October 20, 2014[2014] 49 taxmann.com 217 (Gujarat)/[2014] 362 ITR 328 (Gujarat)
IT : Where assessee utilised borrowed fund in business and gave interest free advances to partners, etc. from interest free fund, disallowance of interest on borrowed fund would not be justified
 
Regards
Prarthana Jalan


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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>


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