Held, that the assessee’s own funds being capital and reserves at the beginning of the financial year were much more than the capital advanced, no disallowance could be made. (AY.2014-15)
ACIT v. Kalthia Engineering and Construction Ltd. (2022) 93 ITR 30 (SN) (Ahd.)(Trib.)
S. 36(1)(iii) : Interest on borrowed capital-Own capital and reserves more than capital advanced-Disallowance of interest is not justified.