Interest on Unsecured Loans Deductible u/s 68; TDS Compliance Confirmed, Business Use Uncontested by Revenue.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition u/s 68 on account of unsecured loans received - Since the loan amount has been held by us as genuine, the corresponding interest payment made thereon after subjecting the same to TDS compliances, deserves to be allowed. It is not the case of the revenue that the inter corporate deposits received by the assessee from aforesaid 4 companies were not utilized for the purpose of business of the assessee company. Hence the interest paid on such borrowings are allowed as deduction. - AT....