IT : Where assessee gave interest free loan to its subsidiaries out of surplus funds, impugned disallowance made by Assessing Officer under section 36(1)(iii) was to be deleted

IT : Where assessee gave interest free loan to its subsidiaries out of surplus funds, impugned disallowance made by Assessing Officer under section 36(1)(iii) was to be deleted

IT : Where assessee invested interest free funds to earn exempt divided

income, no disallowance under section 14A was called for in respect of same

[2017] 80 taxmann.com 98 (Punjab & Haryana)

HIGH COURT OF PUNJAB AND HARYANA

Commissioner of Income-tax, Jalandhar-1, Jalandhar

v.

Max India Ltd