No addition of notional interest on interest-free loans advanced to sister concern facing financial crunch: ITAT

INCOME TAX : Where assessee company advanced loans to its sister entity, since assessee agreed not to charge interest as per mutual understanding between both parties as said sister entity was facing financial crunch and further assessee also had business interest in its sister concern, Assessing Officer was not justified in making addition on account of notional interest on such outstanding loans advanced by assesseeINCOME TAX : Where assessee company advanced loans to its sister entity, since assessee agreed not to charge interest as per mutual understanding between both parties as said sister entity was facing financial crunch and further assessee also had business interest in its sister concern, Assessing Officer was not justified in making addition on account of notional interest on such outstanding loans advanced by assesseewww.taxmann.com Latest Case LawsRead More

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