Held that the assessee’s balance-sheet to confirm the availability of interest-free funds with the assessee for the year under consideration. These documents were not made available to the authorities and were very relevant for adjudicating the matter Accordingly matter is remanded to the Assessing Officer to ascertain availability of sufficient interest-free funds. (AY.2014-15)
Moonlight Properties P. Ltd. v. ACIT (2024)113 ITR 705 (Chd)(Trib)
S. 36(1)(iii) :Interest on borrowed capital-Advance paid to director-Matter remanded to ascertain availability of sufficient interest-free funds.
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