Dismissing the appeal of the revenue the Court held that the assesseee had sufficient interest free loans. Accordingly the deletion of addition is held to be justified. Followed CIT v. Reliance Utilities and Power Ltd. (2009) 313 ITR 340 ( Bom)(HC) (ITA No. 1248 of 2016, dt. 28.01.2019)
PCIT v. Aegis Ltd. (Bom)(HC), www.itatonline.org
S. 36(1)(iii) : Interest on borrowed capital-Investment in sister concern- Sufficient interest free loans–Deletion of addition is held to be justified.