2018 (12) TMI 1661

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.....Balina Suresh Babu, JCIT, D. R ORDER PER GEORGE MATHAN, JUDICIAL MEMBER This is an appeal filed by the assessee against the order of the Commissioner of Income-tax (Appeals)-4, Chennai in ITA No.5/2011-12/A.Y 2003-04/CIT(A)-4 dated 20.02.2018 for the assessment year 2003-04. 2. Mr.R. T. Vijayaraghavan represented on behalf of the Assessee and Mr.Balina Suresh Babu represented on behalf of ....

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.... that assessee company is also dealing in health care products. It was a submission that being a company, the assessee had borrowed certain funds which had been required immediately and the same had been given on interest. It was a submission that the ld. Assessing Officer disallowed the interest paid on the ground that there was no business activity. It was a submission that as the assessee had b....