INCOME TAX : Where Assessing Officer rejected assessee’s claim for deduction under section 36(1)(iii) on ground that assessee had given interest free loan to its holding company, in view of fact that, assessee failed to prove that said loan was given for commercial purpose i.e. construction of residential project in joint venture with holding company, impugned disallowance was to be confirmedINCOME TAX : Where Assessing Officer rejected assessee’s claim for deduction under section 36(1)(iii) on ground that assessee had given interest free loan to its holding company, in view of fact that, assessee failed to prove that said loan was given for commercial purpose i.e. construction of residential project in joint venture with holding company, impugned disallowance was to be confirmedwww.taxmann.com Latest Case LawsRead More
