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Interest exp. not allowable if assessee deliberately discounting LC to bore interest burden of sister concern

May 12, 2020[2020] 116 taxmann.com 457 (Karnataka)

INCOME TAX : Where assessee had deliberately reduced its taxable income through discounting letter of credit against sale bills issued to sister concern instead of collecting proceeds and bore interest burden of sister concern, said arrangement could not be considered as business prudence and deduction claimed by assessee on account of interest paid to bank and also to its creditors was not allowable under section 36(1)(iii)

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