Company's Interest Expenses Disallowed by AO Despite Allowance u/s 57(iii) of Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Disallowance of interest expenses - as observed by AO that assessee-company had advanced interest free loan as advanced out of secured loan availed from the Bank of Baroda - The assessee in fact claimed the interest expenses against the Nil return on investment made. We note that such interest expense is allowable under section 57(iii) - AT....