Monday, 20 October 2014

AO can’t seek to add notional interest for shares pledged by a co. to enable its sister concern to r

IT : Where borrower issued shares to assessee-NBFC as a measure of repaying loans and, since interest was waived by assessee-NBFC, borrower had not booked liability toward current year's interest in its account books, such interest did not form income to assessee for year


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