Madras HC directs AO to determine borrowed funds were used for advancing loans to Subsidiary Company or Surplus Funds of Company were diverted [Read Judgment]

The Madras High Court directed the Assessing Officer to determine whether borrowed funds used for advancing loans to Subsidiary Company or Surplus Funds of Company were diverted. The Revenue has preferred these Appeals raising the following substantial questions of law, whether the disallowance of Rs.4.43 crores made under Section 36(1)(iii) is to be allowed especially […]

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