Interest on borrowed capital ::


Last updated: 22 January 2008

Court :
HC

Brief :
Held by the Hon`ble Court that as no nexus could be found between the borrowing and the interest free advance to sister concern and with clear finding that there was no element of commercial expediency, the interest paid on borrowed fund is not deductible.

Citation :
Elmer Havell Electrics and others Vs. C.I.T. and another

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