In a recent case, the Income Tax Appellate Tribunal ( ITAT ) Delhi upheld the view of Assessing officer(AO) that on one hand the assessee had made the borrowers and paid interest on such borrowers and on the other hand has parked such interest-bearing funds towards advances on which no interest has been earned by […]
The post Capitalising Amounts by Transferring to Capital Account without Crediting to Profit and Loss Account attracts Penalty: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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