DCIT, ALAPPUZHA vs. M/S ACEELERATED FREEZE DRYING CO, LTD, ALAPPUZHA

In the result, the appeal of the Revenue is allowed and the appeal of the

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

3) The Officers below are not justified in confirming the disallowance of interest claimed for the reason that funds have been diverted to sister concern. I.T.A. Nos. 714/Coch/2008 & 1286/Coch/2005 4) The Officers failed to appreciate the fact that interest claimed as paid to banks and financial institutions have been for specific advances like term loans, export packing credit which