Dismissing the appeal of the revenue the Court held that the amount advanced by the assessee for business purposes as well as commercial expediency is held to be allowable as deduction. (AY. 2008-09)
CIT v. Gokaldas Images Pvt. Ltd. (2020) 429 ITR 526 / (2021) 197 DTR 225 / 318 CTR 486 / 276 Taxman 420 (Karn.)(HC)
S. 36(1)(iii) : Interest on borrowed capital-Amount advanced to sister concern without charging interest-Business purpose-Held to be allowable.