accepting advances from and giving advances to group concerns

Assessee is individual and engaging in carrying the administration of funds of group. while doing so he accepts the funds from the group concerns and individuals on the interest rate of 12% p.a  and provide the funds  to the Group concerns and individuals who are in need of the funds and charged the interest @14% p.a. Assessee has also his own capital which he is utilizing  for this purpose only. Assessee has offered the net income as income from business and profession .There is no direct nexus between the funds borrowed and funds given to sister concerns. During the course…

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