Thursday 28 November 2013

Interest income of NBFCs couldn’t escape tax net if its debtors were found to be financially well of

IT: Where it was apparent from records that debtor companies which had taken loan from assessee, were financially well off and were earning profits during relevant year, Tribunal, merely relying upon order passed in earlier years, could not conclude that assessee was not assessable in respect of interest income because of financial difficulties faced by debtor companies


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