{"id":47888,"date":"2024-11-16T19:24:50","date_gmt":"2024-11-16T13:54:50","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pnp-maritime-services-p-ltd-v-dcit-2024204-itd-810-231-ttj-31-mum-trib\/"},"modified":"2024-11-16T19:24:50","modified_gmt":"2024-11-16T13:54:50","slug":"pnp-maritime-services-p-ltd-v-dcit-2024204-itd-810-231-ttj-31-mum-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pnp-maritime-services-p-ltd-v-dcit-2024204-itd-810-231-ttj-31-mum-trib\/","title":{"rendered":"PNP Maritime Services (P.) Ltd. v. DCIT (2024)204 ITD 810 \/231 TTJ 31 (Mum) (Trib.)"},"content":{"rendered":"<p>Assessee-company had given security deposit\u00a0 to its subsidiary company.\u00a0 Assessing Officer held that\u00a0 there was possibility of assessee having utilised interest bearing funds for purpose of giving interest free deposit. CIT(A) confirmed the disallowance on\u00a0\u00a0 pro rata basis.. On appeal the Tribunal held that\u00a0 the\u00a0 assessee had share capital and reserves and surplus of Rs. 119.03 crores which was more than interest free advance of Rs. 100.12 crores given by assessee. Since assessee had sufficient own funds for giving interest free deposit,\u00a0 disallowance is\u00a0\u00a0 deleted. (AY. 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 36(1)(iii) :Interest on borrowed capital-Interest free advances-Sufficient funds-No disallowance can be made. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-47888","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cso","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=47888"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47888\/revisions"}],"predecessor-version":[{"id":47889,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47888\/revisions\/47889"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=47888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=47888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=47888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}