In the result the appeal of the assessee is partly allowed
Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita Nos.458-459/Rjt/2015 िनधा"रण वष"/Asstt. Years: 2011-2012 & 2012-2013 M/S. Krishna Developers, D.C.I.T, 402, 4Th Floor, Oscar Apartment, Vs. Central Circle-2, Limda Lane, Rajkot. Jamnagar.
68 taxmann.com 92 (Madras) held that Where both assessee and its sister concern whom assessee had advanced loans were manufacturer of G.I. castings, without indicating difference in nature of their business activities, revenue could not disallow interest on borrowed capital on ground that loan was advanced for non-business purpose. (vi) Also, it is a common industrial practice that when