https://www.taxtmi.com/caselaws?id=185763 The Department's appeal against the CIT(A)'s deletion of the addition for not charging interest on loans and advances to Directors and Subsidiaries was partly allowed. The Tribunal directed the AO to re-compute the disallowance of interest for a specific loan amount but not to disallow any interest for advances given to a subsidiary company, considering it was for business expediency. The Tribunal found a diversion of funds in one instance due to non-business consideration. The order was pronounced on 13th May 2011. en-us Fri, 13 May 2011 00:00:00 +0530 Fri, 26 Aug 2016 18:43:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185763 The Department's appeal against the CIT(A)'s deletion of the addition for not charging interest on loans and advances to Directors and Subsidiaries was partly allowed. The Tribunal directed the AO to re-compute the disallowance of interest for a specific loan amount but not to disallow any interest for advances given to a subsidiary company, considering it was for business expediency. The Tribunal found a diversion of funds in one instance due to non-business consideration. The order was pronounced on 13th May 2011. Case-Laws Income Tax Fri, 13 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185763