Investments to be presumed from interest-free funds available with assessee if same was more than investments: ITAT

INCOME TAX : Where assessee’s own funds were much more than interest free investment made by assessee, it was to be presumed that said investment was made from interest free funds available with assessee and no disallowance of any part of interest expenditure under section 36(1)(iii) was to be made on ground that assessee had utilized borrowed fund for making such investmentINCOME TAX : Where assessee’s own funds were much more than interest free investment made by assessee, it was to be presumed that said investment was made from interest free funds available with assessee and no disallowance of any part of interest expenditure under section 36(1)(iii) was to be made on ground that assessee had utilized borrowed fund for making such investmentwww.taxmann.com Latest Case LawsRead More

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