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Interest Expenses Disallowance Overturned Due to Business Necessity for Interest-Free Funds to JPL.

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Full Text of the Document

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....Disallowance of interest expenses - sufficiency of own interest free funds - A.O. only considered that amount invested is to be disallowed. CIT(A) held that the funds given to JPL were as per the requirement of lending banks to infuse funds by promoters in the JPL which is business expediency to give the funds to JPL without interest. - CIT(A) rightly deleted the addition - AT....

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