Saturday, 28 November 2015

No disallowance of interest just because assessee had own funds if borrowed funds were used for busi

IT: Where Assessing Officer treated purchases of cotton made by assessee, a hospital, as unverifiable and disallowed same, since books of account of assessee being not rejected and consumption of cotton having comparatively decreased, disallowance required to be restricted to 15 per cent of purchases

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