No Addition of Interest u/s 36(1)(iii) on Interest-Free Loan / Advance to Sister Concern out of Interest-Free Funds: ITAT [Read Order]

By Taxscan Team - On July 22, 2022 3:22 pm - 2 mins read
Interest - advance - Interest-free loan - Sister Concern - Interest-free Funds - ITAT - Taxscan

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench has held that no addition of interest under section 36(1)(iii) on interest-free loan/ advance to sister concern out of interest-free funds. The appellant, Sidiqbhai Usmanbhai is an individual and proprietor of M/s. S.K. Steel is engaged in the business of trading scrap. The Assessing Officer during the…

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