HERO CYCLES (P) LTD. vs. COMMISSIONER OF INCOME TAX (CENTRAL)
Appeal is allowed, thereby setting aside the order of the
C.A. No.-000514-000514 - 2008Supreme Court05 Nov 2015
Section 36(1)(iii)
Section
36(1)(iii) of the Income Tax Act (hereinafter referred to as
'Act'). The aforesaid deduction was disallowed by the
Assessing Officer vide his Assesssment Order dated
26.03.1991 on the following two points: -
(1)
The
assessee
had
advanced
a
sum
of
Rs.1,16,26,128/- to its subsidiary company known as M/s.
Hero Fibers Limited and this advance
